Hi

I got to stay pretty light as I just came back from a weeklong business trip. Not much investment themes to update. One of the things that got me thinking for last couple of weeks was IF Lehman II had been taken off the table, what shall we do?. We all got to concentrate on usual business cycle which mean earnings and economic data again. I plan to do that starting tomorrow.

Timing to jump back in now is tricky. I feel uncomfortable with an extended run from October 2011 ‘till now. This run is almost coming to 5 months old without a major correction. I've no idea the depth or timing of the next correction. All I know having substantial cash to buy is easier to execute than buy now, sell at a correction and buy at the bottom of the correction. The latter is very very difficult if you have tried it before.