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Just Normal To and Fro
August 6, 2014
I venture no guess as to where the market will go next, and I don’t need to do so. … [W]e’ll keep automatically transferring capital back and forth between [our stock and bond positions] in the fluctuations ahead. One advantage of relying on reactive arithmetic is that it disregards all guessing as to why prices went the way they did, and just signals times to buy and sell based on where they ended up after all the pressures were applied.

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Sierra Global Management, LLC

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