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Title here doesn't sound correct - but good article. ARIVX is now sitting 64.7% in cash. From the manager: “Patience, I believe, is one of the most important characteristics of successful investing, but that is difficult in our industry because it requires benchmark tracking error and career risk,”
Might be worth considering a position if a.) you feel nervous about being overweight in equities, but b.) you don't want to put more into MM, c.) you trust the manager's judgment on "patience" better than your own. (Of course, this assumes he keeps his job..)
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Thanks John