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The market environment has turned positive (since Sep 17 2010). Presently Hypatia investment position is 100% cash. We will start now looking for stocks which offer an attractive risk/return ratio and build progressively our equities position. If the market keeps rising we will increase slowly our market exposure but if the market turns again negative we will still have a comfortable cash position and will come back to a more defensive posture. As you understand, we don’t try to forecast the next market move, this is an important feature of the Hypatia investment methodology.
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