] I've done nothing basically because the environment is so
] binary (and all these trades are different expressions of
] the same view) that I feel no compunction to rush into
] anything, especially in the shorting-stocks department.
]
] I would rather be late to that party than early, since
] it's so clear to me that when stocks go down next time,
] they're going to go down for real. I anticipate that we
] will see a huge decline, with the major averages falling
] over 50%.

Yikes!

If 2004 goes bad, it will go really bad