Cash is king at this stage of the cycle, and we are sitting on roughly 75%-80% cash.
Patience is paying off and will likely continue to pay off. This bear market will end; we just don’t know when.
The bond market is having the worst performance it has had in over four decades.
A lot of investors thought government bonds were safe. Well, they are safe if you own actual bonds and hold them to maturity, but if you own 20-year treasuries, you are down almost 37%, and it looks like they are going to continue to slide. We currently do not own any bond funds.