It has been several years since I rebalanced my equity exposure back to my core position. I had been waiting until Shiller's CAPE ratio had reached the January, 2018 high of more than 34; and the Investors Intelligence percentage bulls had reached 60%. Neither has happened yet.
That notwithstanding, to me, a possible exogenous event, a pandemic, if it were to occur, would wreak havoc on the worldwide economy and stock markets. I have no way of assigning a probability to that event. Due to this uncertainty, I have rebalanced my equity exposure back to my core level.
Tuesday, February 25, 2020
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