CL8 chart, page-201

I learned in 2007 that when the markets get nasty you just have to take some money off the table and lower your expectations a bit.

I reduced my position in CL8 @0.29 [when it started to retrace]... not because I am concerned about the stock or its prospects but because I simply do not want to put myself through the same distress as '07. Back then there was a fairly lengthy period of panic selling followed by distressed selling with people copping margin calls all over their portfolios. They sold things they wanted to keep and they did so frequently at a loss. Stocks that I held got hammered, I didn't sell early and in some cases I was forced to sell late in the game.

This time around I have reduced my position to a level I am comfortable to hold and I have cash on the sideline to decide what to do with.

I am a bear in sentiment about the general market ... have been so for at least a couple of years now. If this is the beginning of a crash, the stocks which go to the wall are the ones with poor cash flow, have high debt and which are underfunded. CL8 is not in that category .... as far as I can tell. It should do well. It should actually go up in price when everything else is falling .... should. What actually happens is completely uncertain. Impossible to know the financial positions of other holders and what unpleasant choices they might face if this is the beginning of a market wide crash.

So I am sitting with a reduced bet and positioned so I can choose to sit on my hands. If it turns out that the stock goes ballistic ... fine ... I am still on board with enough to be happy about .... in uncertain times that is a good outcome.... imo.