With the potential for political chaos leading up to and after the election, a possible resurgence of coronavirus in the fall, slowing hiring growth, stimulus uncertainty, and a wave of corporate defaults on the horizon I paused this week and reflected.

"What could go right?" and "What could go wrong?"

"What would the upside be?" and "What would the downside be?"

"What are the odds of a positive upcoming quarter?" and "What are the odds of a negative upcoming quarter?"

And I decided that cash is where I want to be to take advantage of potential large swings ahead. I am okay missing out on a big move up to protect myself from the downside given what I see as the risk/reward in equities and anything liquidity correlated (equities/precious metals/commodities/bitcoin). The S&P is only down about a percent since the pre-crisis high in Feb. I want to protect my capital from a liquidity driven sell off.