04/09 Indices, page-138

Im not selling any of my long termers.

But I don't hold any resources either.

We will get a Xmas rally if we get an important October low. The narratives will change - for now its a perfect storm - weak China - inflation/yields in US. But narratives are sure to change again.

My biggest concern is market participation declines. ASX is seeing 10% declines monthly in trading volumes.

Its a Western world phenomena.... no one wants to invest in stocks - not even 4.5% yield on govt bonds is good enough. Only Big Tech debt through HYG is the only play in town.

There is no chance in hell anyone worth their salt will put money to work in this environment - bargains have to be super attractive.. and quite confident they will.