Equities – At the Macro Level

Our approach to equities trading at the macro level is to recognize that in hindsight there are bear markets and bull markets. We do not spend any effort trying to determine which we are in at any point in time, but rather maintain about 75%-85% of a portfolio in long positions and about 15%-25% in reverse ETF’s at all times. We see the market as having periods of unwarranted exuberance and periods of unwarranted despair. We believe in taking advantage of the market in either