Q3 AA

Nobody on the road
Nobody on the beach
I feel it in the air
The summer's out of reach
--Don Henley

Overall asset allocation breakdown thru Q3 2009:

cash 45%
stocks 29%
real estate 15%
precious metals 10%
commodities 2%
short equity 2%
currencies 1%

My sense is that probabilities of another deflationary wave will increase in the months ahead. As such, I'm looking to reduce stock exposure in favor of additional cash. If I'm fortunate enough to 'see' the right opportunity, I may also take on more short side exposure and increase my position in USD.

positions in gold, USD