Just wondering...how does ALWAYS keeping such a large cash position---50%+---possibly benefit you and your portfolio's returns over the long term? It can't, can it? You're an extremely confident and obviously very successful trader, not a scaredy cat, right? So that always large cash position has to be a major drag on your portfolio returns. The market isn't always too high (except in the minds of perma-bears) so why maintain so much cash even during strongly rising markets like we've had the last several years? This just seems unusual, particularly for someone with your trading abilities who could exit on a moment's notice if you were to guess that a downturn had begun?   
Just wondering what your thinking is behind this always large cash positon, if you care to share?