Zeev's Turnips Patch-No Politics (ZEEV)

[langostino]

F.R. - I'll leave that to you

I know better than to engage in grand pronouncements that the market will "crash" next week or take off in a huge rally. Trying to maintain the smallest directional commitment possible most of the time, then leaning harder during a relatively small number of times a year when we hit more deeply oversold or overbought conditions following long slogs in either direction, and then being appropriately paranoid about it, is what happens to work for me.

As for next year, I've already given you the closest thing I've got to a WAG, which is something not very pretty in the first half of the year, which is why I said I'd be joining you on the more cautious and defensive position next year. If we get a January run and it's big enough, you'll find for a very brief time I may be even further net short then you are. The difference is, I won't be screaming from the rooftops that the world's about to end.