Hi Chin

I agree with buy low / sell high but its not that simple. Part of the market has done very well YTD so I've been taking profits in energy, agriculture and basic materials .At this point in time I'm only 30% equities and I'll take the loss of opportunity risk that Jerry mentioned because of what I think is clearly a very shaky and uncertain economic future.

If one buys stocks or stocks wrapped in a mutual fund the point Jubak is making is the same. Bear markets have similar patterns with small rallies and always end in capitulation and a big decline.

 Jubak is not looking in a rear view mirror he is looking forward as does the market. "Safety first" ? I'll agree with Jim.

Take care Chin