Our current assumption is that the market is going sideways with more risk on the downside than the upside and on that basis we prefer in general to sit in cash whilst that continues. However the “All cash” call has denied us some opportunities (gold, technology) that we could have and should in future, take advantage of so, against a backdrop of being generally cashed up, we have decided to start some limited trading of individual stocks on their own fundamental (quality) and technical merits. You can read about that in the STRATEGY piece today. We also look at the collapsing US dollar and what that means for which companies.