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Half of my positions are up with the highest being 13% as of today. With TOT being the best of the bunch. It is just hitting your range of $56-63 to sell. BP is within $4 of hitting the beginning of the sell range. QCOM $4 from it's beginning sell range. Otherwise everything else is far from the sell ranges. Those 3 I will sell soon. I am currently 33% cash. I am holding to your sell positions given in the summer and then the update in the fall. The portfolio was chosen as protection to the bear market and inflation? If nothing has changed since your last reports then it makes sense to be patient. Thoughts

Extra large cash levels should be a consideration near the end of bull markets in stocks and near the end of the economic cycle.

Are you referring to more like 50% or more?

You'll likely not say to yourself (as the market is crashing), I wish I hadn't held so much cash. But you might say to yourself, I wish I'd held more. So consider that when making your decision. I can't tell you an exact % to hold, one-on-one. It would cross a line I can't cross.

I know the line of one on one but it isn't one on one when everyone gets the same answer of, this is a suggested % of cash based on our portfolios. As far as crashing, our picks were to benefit were they not, overall. I understand that in the initial correction most everything is affected. But the picks were to rally back while the general overvalued market keeps dropping. I can raise more cash but RIG, DVN I would take a beating on and DBA hasn't been positive to my memory since I

have had it.

I just sold the 3 mentioned in the above comments

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I am now at 60% cash, took a couple more small profits

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I look at the cash question from the perspective on how many stocks are we likely to end up buying over the next two years. Based on the previous portfolio with Sean, we held 20-30, so take that and plan on 3 equal buys. So if you allocate $15k per stock, $5k for initial buy and two averaging down buys, then you would need 20 x $15k roughly. Keep in mind many times you never get to the third averaging down purchase which is more cash available for some other purchase, plus there will be some sold along the way. This is one way to look at it with hard numbers. Sean, thanks for all you do!

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