Back up the truck

This is the most untroubling market correction we've seen since...well, ever. The fundamentals are strong and improving, there's a reasonable amount of leverage in the market, and valuations - despite being high - are well-within the fair value band with the 10-year below 4%. This market simply went up too far too fast in an ultra-low volatility environment. It was a rate-of-change problem, not a price problem. We covered our shorts and went long yesterday around mid-day (oh that we had waited 30 more minutes!) and bought more on today's open. We're about 70% invested and will keep powder dry for either another leg lower or a break to new highs. Stocks are on sale - if you missed the boat you're unlikely to get another chance like this for a while. Interest rates will remain a headwind but the market just needed to get used to that fact. Buy, Mortimer, buy!