The sky could be the limit, page-99

I can't guess it. Anyway I have been fully on the offense until like this spring. US/Indian/Australian macros freak me out. It's all about how much pain you can take, but I agree that staying in the market on a rolling average and not trying to time any exits is one of the most reliable and powerful strategies.
There's a famous article on a hypothetical investor who only went in during US market tops. He still made a 10% annual profit rate.

As for me, well, I've compromised. 50% defense until the market goes down 20%, then a large fraction of my reserves every ten percent until it hits 50-70% down.

It's not an optimal strategy, but then again some people have their money in "high"-interest bank accounts for some reason. It's all about the risk you can tolerate.

Hmmm, maybe I should cycle out more stocks to Canada soon, they're much less overheated than the US and Australia. Lower risk justifies lowering reserves too.

Anyway I was 100% in until spring this year. There is basically consensus we are in the late stage of a bull rally, altho that's often the most profitable.