I like that Bear’s portfolio contains substantial cash most of the time and the return is still amazing. This is the way I want to do it in the future. I find that having lots of cash will make us more peaceful and at ease.It reduces stress. It helps with market decline and as you said always ready to buy when opportunity knocks. Warren Buffett likes to hold lots of cash too. Spending all cash is indication of impatience. Can’t wait for opportunities.
One question though, does the return numbers posted here include the cash? or stocks only. It’s not obviously stated. Others may wonder the same thing.