now 90 percent of cash position, page-10

True, but psycholgy so important in this market. No one wants to make further paper losses.

Psychologiest have tried to measure the psych impact of making X dollars v's loosing the same amount. Loosing the money generates an emotion roughly 2x stronger than the elation from making that same amount - all subjective I know but could well be right. Thus it can be easy for shareholders to panic in this environment, particularly when they are already bearing the pain of past losses.

I'm a fundamentals investor, but everybody wonders what others are thinking and if that's likely to lead to an even lower entry price. Don't believe I'm easily manipulated, but like it or not we're all part of the herd.

PE