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To: ValueGuy who wrote (101901)	6/23/2011 1:05:54 PM
From: Dale Baker	Read Replies (2) \| Respond to of 118717

I went back to 2008 to look at what I did; my three grievous errors were 1) not raising a lot of cash before the September-October landslide; 2) believing that foreign stocks would decouple from the US which was exactly wrong, they were hit twice as hard with the flight to the dollar and 3) not appreciating systemic risk where some big bank failures could trash EVERYTHING. So today I have more cash , much less emerging market risk and a wary eye on Greece, the US debt ceiling and anything else that could go BOOM. Helps me sleep much better than three years ago, for sure. This drawdown has been a stinging slap, not a kick in the groin.