The herd is passing a new message in the last couple of days, the move from recovery stocks back to safety again is underway and we are wondering whether to follow. We have taken the top off some technology stocks and gone overweight CSL but there may be more to do. We are (over) exposed to recovery sectors and it may just be time to blunt the aggression  and go hide somewhere for a while. For now we're not making any big cash calls and have decided to handle it on a stock by stock basis. Our Marcus Today growth focused SMA is up 19.19% in the last year against the All Ords down 4%, we are up 36.61% since March 23, we have outperformed 26.87% since February 20 - we don't want to give it all back by taking some Buffetesque fundamental view about the long term prospects of the individual stocks we hold. We'll leave that to Ivory Tower fund managers that probably haven't even noticed the switch back to safety. So we're beginning to stir. Now in 5% cash and wouldn't be too concerned about running that up if this 'pause' develops. It'll be an interesting few days seeing if the herd turns.