Be cool like the Fonze
Gentle afternoon rally is taking us to the highs of the day as we head into the close. So be it. I was asked to remind you guys about my cash positioning since it’s larger than it’s ever been since we launched this site. In other words, yes, I’ve got all those longs and shorts and calls and puts in all those stocks as I listed earlier, but I have raised a bunch of cash by locking in a lot of the outsized profits we’ve made in the last few months. So yes, I am now almost half in cash in the portfolios right now (but that can be misleading too, as I always tell you guys when we discuss portfolios because I have more cash on the sidelines elsewhere and I expect to make even more cash in coming years from my hard work, writing and media businesses than I will from my stock portfolio…). Anyway, to be clear, I am definitely moved to a more cautious and less exposed stance in the portfolios during the last couple weeks and I am planning to let the pitches come to us from here. I see the wind ups, let’s see the delivery.
My Jedi Master, James Altucher, used to tell me that the two most important words in life — in trading, with the ladies, with business deals, in interviews, you name it — the two most important words in life are simply:
Be Cool.
So be cool and don’t chase or scramble or panic, ok?
The Fonze being cool