When running a warehouse for equities, no matter what type, we still have to be good inventory managers.
My M.O. is to sell into strength and to buy into weakness.
Note in this stacked bar graph that the amount invested in the IAU gold ETF remains nearly constant even as the price/share has risen dramatically in the last three years.
This helps to cap risk exposure when we get popularity run-up in the price of an equity beyond a sustainable level. The cash is there to repurchase inventory should the current weakness continue.
Market Data 
Markets 
