Howard Marks variant på DEFCON

Alltid lika bra Memon. Gillar hans variant av DEFCON - INVESTCON i senaste Memot: https://www.oaktreecapital.com/insights/memo/the-calculus-of-value

I think of progressively applying the following Investment Readiness Conditions, or INVESTCONs, in the face of above average market valuations and optimistic investor behavior:

6. Stop buying
5. Reduce aggressive holdings and increase defensive holdings
4. Sell off the remaining aggressive holdings
3. Trim defensive holdings as well
2. Eliminate all holdings
1. Go short