Hi Saul, I’ve been reading up on your knowledge base and there’s one question I’m not getting a clear answer on and that’s cash. you said you are usually fully invested - so what do you do when there’s a market crash? do you not do anything?
He’s always fully invested and stays fully invested, and sometimes uses a tiny bit of margin too.
You’ll notice that when things get scary he consolidates into his highest confidence positions. Selling companies he thinks are weaker to buy the ones he thinks are stronger. Also, he tends to sell a stock that has fallen just a little in order to buy one that has fallen a lot, thinking it will snap back.