To The Moon

$Amazon.com(AMZN)$ While I did trim some AMZN recently, I kept far more than I sold and through price appreciation AMZN has grown to become the 9th largest holding in our family's main portfolio that is now down to only 27 names. As you suggest, I will gladly let AMZN continue to run and I won't let go of any more shares. Unless.... unless I change my mind on the basis of price and/or valuation.The stock market is dynamic rather than static, and thus so is my portfolio management.

I am managing our portfolio diligently in the context of my macro view that equities are in an over-bought condition based upon a long period of speculative euphoria that now appears more likely to ebb than to flow. Based upon that macro perspective on my part, I spent the past couple of weeks reducing the number of stocks in our main family portfolio from 32 to 27 names. I have also trimmed several of the remaining names, reduced outstanding exposure and resulting leverage on puts I had sold short, and increased cash as a percentage of total portfolio value from 0% to more than 20%.

Last week I challenged one of my fancy brokers to name one stock that was truly a "bargain" in this market. Just one stock. The silence was deafening. She was unable to name one stock that was an indisputable "bargain" rather than being merely a stock with "appreciation potential". There are many stocks of great companies that I would like to buy on a major pullback in price. So let the pullback commence!