Richard, I lay out my percentages here whenever I change them. You weren't around the last time I switched: I have 10% in capital appreciation, which is long some futures as well as long stocks, 40% in my 90/10 option program, which is currently all long puts on the 10% options portion, and 50% in my maximum income portfolio, where I sometimes employ stocks and stock options, but those positioned are hedged.
So, net, net, I don't like stocks, in general, very much. In 1991, as way of contrast, I was 80% cap appreciation, 10% 90/10, which was about 75% long calls, and 10% income. The market was lower then. <G>
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