Times see to be very uncertain which deems holdings significant amounts of cash. I have moved my portfolio over to 60% cash. I still own my main positions in Alliance One International, Theragenics, Enzon Pharmaceuticals, and PDLI BioPharma. I’ve liquidated most of my hedges and bond holdings to raise cash. I believe an opportunity in the next 6 months to two years will present itself. I continue to look to allocate capital to small illiquid names that trade almost like equity options. I still hold shares in Viterra, Treasury Wine Estates, and Catalyst Paper. I think this is a great time to be holding lots of cash and waiting for opportunities to purchase shares in companies you wouldn’t mind owning for awhile.