 Good day, fellow investors. Should you buy or should you sell your stocks as everybody's saying a crash or recession is coming ahead? I recently made my fifth portfolio transaction for this year, so my portfolio lump sum went from 0% to 50%, so I just have 50% of cash, because I'm seeing value. And I got this very, very interesting comment from a subscriber. So a quick question. If we can all agree that there is a very likely risk that the market will crash at some point in time, let's say the next 12-18 months, wouldn't we be better off by waiting and buying when it crashes, even if it does crash two years from now? The benefit of buying these stocks between now and then will be dividends received only. All value created in the meantime would be depleted during the crash. On the other hand, the benefit of having 100% in cash on hand when the market does crash would be tremendous. I have three points to answer this question. A, nobody knows when a crash will come. Second, the same could have been said about 2018, 2017, 2016, 2015, 14, 14, 12, 11, and especially 2010 and 2009. So you never know what will happen in the future. You know always the probabilities. And I think you have to compare, okay, what are my probabilities of getting good returns versus losing a lot of money in a crash? And number three, everybody expects the crashes to be like it was the case in 2009 and 2001 when the SAP went down 50%. It doesn't have to be that way. It could be a crash of 20%, 25%. We could have stocks going sideways for the next 10, 15 years. You never know what will happen in the future. And therefore I prefer simply when I find value over my investing career of 17 years, I know that when I find value, if I buy value sooner or later. If there is a recession, it will be later. If there is not, it might be sooner. The value will get recognized or there will be high dividends or high cash flows or something will happen, takeovers. And then I will get rewarded. For example, my largest position in 2018 in January was Navson Resources. I was trading a little bit, but mostly building the position from 2016 to 2018. And it was a terrible time to own copper because everybody was expecting a recession in China, a crisis in the world. Ray Dalio was saying that there is a 70% chance of a US recession in the next two years, 2018, 2019. And nobody liked copper and nobody liked Navson Resources that was investing in a copper project. But why it was my largest position? Because it was simply value. I think the net present value of the project was 1.8 billion, just of the project, Navson had some cash. And the value of the company was what, 400, 500 million. So okay, a recession would have delayed my returns, but they would have arrived. So I would have lost on this, missed out on this opportunity, if I would have tried to time a recession. And now there is a very nice passage somewhere in the margin of safety by Seth Klarman saying how, okay, you never know when a crash will come. But if you find value, if you buy with the margin of safety, with good cash flows, no matter what happens with a recession, or if you really buy value, you know that sometimes even that gives you protection. And when a stock is already depressed a lot, it might not go lower. So you never know what will happen to your individual stocks if you are a selective investor when a crash comes. A crash, yes, crashes 50% if it comes. But some stocks don't go down and some stocks go down 90%. So always think about, don't think about the averages. Think about, okay, what can happen to my individual positions and then in my portfolio? So to conclude, I, if I find value as I'm doing that and I'm very happy with what I found over the last year doing full-time research, I will simply buy more and even go to 100% invested. If there is a crash, it will probably delay my returns. But that's okay. I know that if I buy value, if I look for great businesses, giving me a good return, that will be over the very long term the highest possible investment return I can get for my portfolio. Taking into consideration all the ups and downs because those are impossible to time. If you find value, buy it. That's it.