"I note that for the last few days you have been saying we should expect a likely continual decline in Western markets but that you don't intend to reduce your investment portfolio. This is understandable because it is a pain to "trade" a portfolio of share investments and shares in pension funds with commissions and paperwork.

"What I find puzzling is that you have not taken out a hedge short to offset likely losses as you have done on previous occasions. Is there a good reason for this?"

David Fuller's view I have had 4 hedge shorts in my personal trading account - two in the S&P and 2 in DAX - since stock markets lost upside moment in April. These were detailed in Comment of the Day as they occurred, including when I closed them on weakness. I had my finger on the short button two weeks ago but did not excute the orders for some foolish reason. I would not hedge short today.

I do not trade my personal investment account actively and have been content to ride out this correction because many of the Fullermoney secular themes have held up extremely well, fortunately.