I’m writing this from Amaris’s bedside in the hospital. She’s in a great mood and feeling better.
Markets tanked. Remember yesterday I was wondering where the fear has been. Well, here we are, eh?
Remember that I’ve been nibbling some puts here and there and just added to them on March 6, when the DJIA was near 25,000, more than a 1000 points higher than today’s panicky close.
I’m going to sell maybe 10-20% of my puts, locking in some of those gains and being patient with the rest. I do think the markets could get hit a bit further near-term, and I’ll be sitting tight with our raised cash levels, our remaining puts and our portfolio being a bit more defensive but not bearish.
Be cool. Don’t panic. Don’t be greedy.