Ann: Appendix 3Y, page-43

Ray Dalio, the founder of the world's largest hedge fund, just said at Davos that those holding cash will feel pretty stupid. The bears have been trounced again and again trying to pick a top. Market tops are usually associated with euphoria. I don't get any sense of euphoria, the conservative position of ppl like you trying to keep cash on the side and keep their powder dry tells me that we are not at the top yet. If you wish to vote with your feet, then pls sell. I will be buying at a cheaper price ie less risk.