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I would like to thank Eurotrash for the link to the Graham and Doddsville piece. I saved it and I've been reading it this morning when I finally had more time.

I'd like to highlight the piece on Frank Martin as being particularly impressive (pages 28-41). For those of you who didn't catch it I recommend reading that section. For those of you who did read it what are your thoughts? He expresses some macro views that I agree with but also understand the admonition that Buffett gives about stock market forecasters. I have to be careful about confirmation bias because Frank's views aligns with mine and has a similar ring to that of Mungofitch. In other words, the market is currently overvalued and secular bear markets have a way of ending with most people just throwing in the towel (page 39).

I actually thinking about selling some of my holdings to have the optionality of cash.

What are your thoughts?

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