I read this comment today. It's in line with what I teach, yet its rarely mentioned: The important thing to understand, and what the mainstream media doesn’t tell you, is that “Liquidity” gives you options.

I learned a long time ago that while a “rising tide lifts all boats,” eventually the “tide recedes.” I made one simple adjustment to my portfolio management over the years which has served me well. When risks begin to outweigh the potential for reward, I raise cash.