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Notwithstanding "don't just do something, sit on your ass" as proposed by Munger and hinted at by Graham, I got a little jittery today and sold about 12% of my all-stock portfolio.
Now I am close to Buffett's recommendation of 90% index fund or in my case, chunks of BRK and JNJ, and around 30 other small positions ranging from 0 to 4%. I am sure that will track S&P quite well on the downside - of course not on the upside, since those are value stocks. We don't believe in nosebleed valuations. Ever. Not even once.
I also notice that Buffett didn't exactly say when to deploy that 10% cash and what you do after that - go back to cash when you think S&P is high enough or what? But I will figure it out.
Bottomline, now I am out of PG, CBI, GIS, DPS, WTM, CFG, two value ETFs (HDV and SCHV) and 1/3 COH. Selection based on desire to lock in my recent profits and on valuation. And a no ETFs policy (until the market swoons again.)
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