There's a lot of complacency now. The market has been driven by a debt expansion. We've seen massive instability since October. If the economy isn't as strong as they think it is (driven by debt in reality), then liquidity is a problem. Be cautious. Things can come down very quickly. Like the 1930's, we're seeing market volatility, political instability, debts that cannot be repaid and populist movements. This creates chaos. Trim back. He's bullish on gold, the traditional safe haven.