March of this year I moved mostly OUT of my long term bets on the overall markets performance. 1) Virtually ALL Large cap stocks have just gotten too expensive. 2) Leverage has extended to far 3) Animal Spirits are fickle and we are setting records for the length of the good times. 4) Nothing fundamental like general purpose low cost AI has entirely yet materialized to be so supremely disruptive to the economy that old valuation no longer applies 5) Even a small rumble in the economy could tip us with the high prices and high leverage.

I did not expect to see a collapse in valuations until at least this fall but things are getting to far along into this cycle and sometimes you need take some money off the table because there are some valuable buys out there and I strongly believe I'll be able to buy some really great deals within the next two years!!