Re: Mawer vs Sprott

"darkness" <[EMAIL PROTECTED]> wrote in message

>Except if you are in markets like we are in now, when literally every other
financial asset looks expensive, and interest rates look like they might
rise.

Tsk, tsk.  Timer. (g)

>From a balanced perspective, cash has been a good choice only once between
1972 - 2000: http://tinyurl.com/xdnu.

The reasons that Kirzner gives are not valid IMHO:  "The cash portion, in
the form of Government of Canada 91-day treasury bills, is designed to
provide nominal capital preservation and liquidity for the portfolios."
Source: http://www.bylo.org/fpx.html). The whole point of a diversified
portfolio that you rebalance is to preserve capital. If you are investing
for the long run, liquidity is a drag on performance.

Regards,
Mike