"That said, I do believe in positioning one's portfolio to...

"That said, I do believe in positioning one's portfolio to mitigate risk, or to maximise (to a degree) portfolio robustness. As such I have reduced my exposure (which was overly exposed in this sense) to a number of stocks that I feel are vulnerable to tightening credit conditions (and all that entails for a stretched domestic economy)."


Mars,

Having followed some of your thinking during the course of 2018 around some of the stocks you sold, my clear sense was that it was your perception of over-valuation that prompted your selling, as opposed to any real "macro" or market timing call.

Is that a fair assessment?