market capitalization of sp500 / size of fed's balance sheet = constant
12% cash, 25% stock
switched to Europen stocks several months ago in the history of doubel line (because dollar will go down and european stocks are really cheap)
what affect the dollar is the twin deficit (bugdet deficit at a level never seen before; trade deficit is increasing) these two correlates to a negative dollar trend
dollar already topped out
He like real assets, commodies and real estate more than gold
commodity index has been very strong 75% up vs the bottom in last year
cycle of commodity is very long, (so still cheap in long term basis)
has 30-35% commodities
long term bond make sense (because of potential debt deflation), he is 30% long term bonds as a hedge for the risky assets
