Re: Mawer vs Sprott

"Bill Pringlemeir" <[EMAIL PROTECTED]> wrote in message
news:[EMAIL PROTECTED]

>Part of asset allocation is to reserve some cash to adjust the portfolio.

Adjust the portfolio by selling x and buying y. There is no need for cash.

>You should only have 0% cash when you have determined that there will be no
future buy opportunities.

That's market timing.  If you are running  a portfolio of index funds
according to some appropriate asset mix, you should be fully invested and
rebalance according to the asset mix.  Any other way is active management.
And that'll get you into holding your equity positions unchanged at the end
of 1995, 96,97,98,& 99.

Regards,
Mike
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