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This is because I think it is defensive and safe. If you take the view (which I do) that the S&P 500 could easily drop by a third, either quickly or over a decade or two, but nevertheless do not want to exit the market then Ross seems to fit the bill. The fundamental figures seem to me very good and the company is obviously well run. It is in the right sector for bears. I know that if the tide starts to seriously go out, I will have plenty of time to react. On the other hand, if things improve, you continue to be invested in a fine company: long may the association continue!

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