The Importance of Finding Shorts

For a long time, you were net 70% long. And I started shrinking that in about 2016 and it's now 2019. So I've thought the market was overpriced for three years and it's done nothing but go up in a couple of lips. Our particular measure of where the market is high or low is just how easily I can find shorts. Japan is full of Ben Graham stocks. The rest of the world is not.