@Michaelirish
I obviously respect your decision to sell, but the way your post is phrased makes me want to ask you a few questions, if you don’t mind:
1) Is your selling solely driven by the expectation of a fall in the SP?
2) Is your expectation of a SP fall solely predicated upon an expected rise in long-term interest rates?
3) In the event that long-term nominal interest rates do rise, what do you think will happen to the corresponding real yields (i.e. after adjusting by inflation expectations)?
4) If your plan is to buy back in a year (or however long it takes for the SP to fall), are you going to keep the proceeds of your sale in cash (or equivalent bank or money-market instrument) in the mean time?
5) Aside from the points above, is there any other reason why you were not completely comfortable holding?
Thanks in advance for any colour you are willing to provide.
(20min delay)