A few readers have questioned my pessimism after posting Stay Prepared for an Aussie Recession. With a headline like that, I guess, it’s hard not to seem pessimistic. I’ve created the wrong impression, though.
My view is that you (and we) should be mostly invested most of the time. See Buffett Warns Investors on the Perils of Cash, for example. And there has been more money lost than gained by people trying to pick the next recession.