I've been trimming some positions and letting new cash sit rather than immediately redeploying it. This isn't a bearish call: it's a deliberate response to a specific setup: geopolitical risks that have already seeded inflation regardless of outcome, an AI-driven stagflation risk the market hasn't priced in, and S&P 500 forward P/E still around 20x. Equity stays my majority allocation, but my bar for new active positions is higher than usual right now.
