Probate delays continue to impact legacy income Tagged with: legacies “Near-term prospects for legacy income remain uncertain, depending upon on how rapidly the backlog at probate can be unwound and the impact of the general election on the nature of the UK’s future relationship with the EU. However, the period 2021-2024 is expected to see stronger growth in key economic variables, which combined with an underlying rise in the number of deaths, will generate legacy income growth of nearly 4% per annum.” AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis2 Figures for 2019 Q3 from Legacy Foresight’s Legacy Monitor show bequest numbers are down by 8% year on year, across the consortium of 80 member charities.The analysis shows that the majority (6%) of this decline is due to the impact of delays at HM Courts & Tribunal Service, caused by the transition to the new probate service, once long-term trends and changes to the numbers of deaths have been taken into account.Chris Farmelo, Legacy Foresight‘s Technical Director, said:“Ongoing delays caused by the introduction of the new structure and processes at HMCTS have been affecting legacy income and bequest figures for the past 9 months, which we’ve highlighted in Legacy Monitor quarterly bulletins throughout the year.“Once the backlog is cleared, charities can expect a significant boost to bequest numbers to compensate for the shortfall in bequests experienced this year. For Legacy Monitor Consortium members specifically, who make up over 50% of the legacy market overall, this increase looks to be substantial; estimated at around 24% higher in October to December than would otherwise have been the case.”Overall, legacy income for the Consortium has continued to hold up although there are signs that growth is slowing, with quarter-on-quarter growth of only 0.2% between 2019 Q2 and 2019 Q3.Farmelo added: Advertisement Melanie May | 5 December 2019 | News 51 total views, 1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis2 About Melanie May Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com.
Villa fans finally turned on manager Paul Lambert at the end of last weekend’s 1-0 defeat at bottom-of-the-table Leicester, demanding he be sacked. For Saturday’s Barclays Premier League clash with Liverpool, three unofficial websites have called on fans in the famous Holte End to boycott the opening eight minutes of the game as a protest at the way the club is being run. Aston Villa goalkeeper Brad Guzan has urged his team-mates to banish any nerves as they prepare to run the gauntlet at Villa Park. “It’s just a matter of turning the corner, and hopefully we can do that this week.” New signing Carles Gil goes straight into the Villa squad. Fabian Delph also returns to boost Villa after completing a three-match ban, but Ciaran Clark serves a one-game suspension following his dismissal in last Saturday’s 1-0 defeat at Leicester. Lambert remains without three injured players in Ron Vlaar (knee), Philippe Senderos (thigh) and Libor Kozak (leg). Liverpool captain Steven Gerrard and fellow midfielder Adam Lallana have a chance of being fit. Gerrard was withdrawn at half-time of Saturday’s win at Sunderland with a tight hamstring while Lallana is ahead of schedule in his return from a thigh injury sustained on New Year’s Day. Forward Raheem Sterling is back in the squad after a being given a week off while youngster Jordon Ibe could join him having been recalled early from a loan spell at Derby. Liverpool manager Brendan Rodgers believes his summer signings are finally emerging from an adaptation period and showing signs they can be a success at the club. Forward Lazar Markovic was first to shine with a number of impressive cameos, culminating in the 20-year-old’s maiden league goal since a £20million move from Benfica which beat Sunderland last weekend. Emre Can, whose disappointing first half of the season was disrupted by injury, has found a position for himself on the right side of a back three but has shown his versatility with occasional roles in midfield. The German, who turned 21 this week, is a product of Bayern Munich’s youth system and arrived in a £10million deal with high expectations after one season at Bayer Leverkusen. Rodgers believes keen Liverpool watchers are only now starting to see his potential. “He will need a bit of time moving to a new country as a young player,” said Rodgers. “You have to remember he had only one full year of playing even though he had come through the system at Bayern Munich. “I think he has shown his value and I think there is no doubt he will prove to be a real bargain for us. “It was a lot of money for a young player but he is a wonderful talent, great footballer, his stature and power is well suited to the Premier League, he is two-footed, has great balance and good aggression in his game and for me is multi-functional. “He will prove to be a player who can play in a number of positions very well here and as you have seen since he came in here he has been outstanding. “He actually played in three positions against Sunderland: he started on the right side of a back three, we moved him up to play in the top of the midfield box and then put him back into a wide midfield role. “It was one of the reasons we brought him here. “He is a footballer and sometimes you find the very best footballers can play in any position and they are capable of working the game out.” With Villa failing to fire up front this season, scoring just 11 goals in 21 league matches and one in the last six, these appear edgy times for all at Villa as the club slides towards the relegation zone. But Guzan, speaking earlier this week, said: “It’s not about being nervous. “It’s the time of your life to be a professional footballer. We are very fortunate to do what we do. “So it’s not about nerves, it’s about relishing the challenges and accepting the responsibility as players, as staff and as a club. “We have to accept that challenge and find a way to fight through it, and that’s what we’re going to do. “There’s not a lack of quality or belief as we’re together from the start to the finish, and we’re only halfway through the year. “There’s no need to hit a panic button, no need to be worrying about relegation. “There are 11 other teams around us fighting relegation. That speaks volumes about the quality of the league – simple as. Press Association
The Dow Jones Industrial Average suffered its worst daily percentage drop of the year after warning signals of a possible recession emerged in the bond market on Wednesday.The market closed at 25,479 fueled by the 10 year Treasury Bond dropping to 1.6 percent, below the yield of the 2 year bond.The last time the 10 year yield dropped below the 2 year in 2007 a recession followed.Global economic uncertainty and the ongoing U.S.-China trade war are pushing investors to sell stocks and invest in government bonds.The banking sector was also hit hard on Wednesday with Citigroup falling 5 percent and Bank of America and J.P. Morgan falling more than four percent.The NASDAQ also fell 242 points to close at 7,744 and the S&P 500 closed down 86 points to close at 2,840.
An international team of biotechnologists writing in the journal Cell1 thinks biologists need to focus more on the concept of robust engineering design. The abstract sounds like something out of an Intelligent Design Movement paper:Robustness, the ability to maintain performance in the face of perturbations and uncertainty, is a long-recognized key property of living systems. Owing to intimate links to cellular complexity, however, its molecular and cellular basis has only recently begun to be understood. Theoretical approaches to complex engineered systems can provide guidelines for investigating cellular robustness because biology and engineering employ a common set of basic mechanisms in different combinations. Robustness may be a key to understanding cellular complexity, elucidating design principles, and fostering closer interactions between experimentation and theory. (Emphasis added in all quotes.)In another sentence, they say: “cellular complexity appears to arise mainly from robustness as a design goal.” Any Darwinian worried about this story would quickly be assuaged, however, by the ubiquity of the “E” word: “It has long been recognized that this robustness is an inherent property of all biological systems and is strongly favored by evolution,” they claim. How this robustness actually came about, though, they have no idea:Despite this central role in biology, there is still a limited understanding of what robustness precisely is and how it is accomplished at the cellular or molecular level (Hartman et al., 2001). A major reason is that robustness and the apparent complexity of cellular systems are intimately linked and, therefore, both are difficult to understand.The authors investigate mathematical models of robustness, and ways that biologists might get a grip on how robustness evolved in living systems. Surprisingly, they speak of “engineering design” and “evolved design” frequently in the same sentence:In both biology and advanced technology, the primary function of a system is usually robust to a wide range of perturbations, yet these systems can show extreme fragility toward other (even seemingly much smaller) perturbations and/or other functions. This coexistence of extremes in robustness and fragility (“robust yet fragile”) perhaps constitutes the most salient feature of highly evolved or designed complexity. Human-designed technology has well-understood mechanisms, which are deliberately hidden from the user. In contrast, we have little systems level understanding of biological complexity. Here, we argue that by combining the fragmented yet complementary knowledge in both domains, robustness and its associated tradeoffs offer a powerful perspective on biological complexity.Another example: “Hence, in design or evolution, robustness, which is adapted to the intended function of a system and the associated uncertainties, must be carefully distributed.” They seem in awe at the levels of robustness in biology at times: “Perhaps the most astounding property of microbial metabolism is its evolved robustness to sustain survival and proliferation upon extensive environmental or genetic perturbations.” Living things employ several strategies to improve robustness: highly optimized tolerance, redundancy, feedback control circuitry, modularity, hierarchy and protocols, and other concepts from engineering. They think robustness as a research tool holds promise for evolutionary biology:What is the tangible outcome of studying this issue for life sciences? Such an overarching concept as robustness will certainly play several roles in biological research. It can be viewed as an overall evolutionary design principle or a scientific approach. More optimistically, it may be the panacea to the ailments affecting large-scale dynamic modeling of biological systems. At the least, in the hands of pragmatic researchers it can function as a tool producing testable biological hypotheses…. ….The notion of cells being composed of robust subunits of limited autonomy simplifies modeling and abstraction of general properties. We can proceed from the detailed investigation of individual modules to their interplay and its consequence for overall systems performance. Robustness of cellular systems, hence, provides us with testable hypotheses derived from top-down studies and with opportunities for a more detailed bottom-up approach. Both approaches should finally converge.1Stelling et al., “Robustness of Cellular Functions,” Cell, Volume 118, Issue 6, 17 September 2004, Pages 675-685, doi:10.1016/j.cell.2004.09.008.Stand back: it won’t be a pretty sight when their heads explode. Their whole tale hangs on the belief that natural selection can perform miracles of engineering design on demand, whenever and wherever needed. Wait till they find out it is blind, deaf, dumb, and has no track record (see 08/03/2004 editorial, and the 07/23/2004, 06/09/2004 and 04/15/2004 headlines, for instance). Stand back and turn around. The Engineer is in the opposite direction.(Visited 10 times, 1 visits today)FacebookTwitterPinterestSave分享0
Four Goa MLAs, including three Congress rebels who joined the ruling BJP a couple of days ago, would be inducted in the Cabinet on Saturday, sources said on July 12.Ten of the 15 Congress MLAs, led by Leader of the Opposition Chandrakant Kavlekar, switched sides and joined the BJP on July 10.Accompanied by Chief Minister Pramod Sawant, the breakaway group met BJP president and Union Home Minister Amit Shah and its working president J.P. Nadda in New Delhi on July 11. All the MLAs returned to Goa on July 12.However, Mr. Sawant stayed back to attend a high-level meeting on the issue of mining in Goa, which has come to a standstill following a February 2018 Supreme Court order. Mr. Shah and Union Minister of Mines Pralhad Joshi will attend the meeting.A top BJP source said three of the 10 former Congress MLAs and Deputy Speaker of the Assembly Michael Lobo would be sworn in as ministers on July 13.However, he did not disclose the names of the three former Congress MLAs who would get ministerial berths.When contacted, Mr. Lobo, a BJP MLA, confirmed that he and three other MLAs would join the Cabinet.Mr. Lobo was instrumental in convincing the 10 Congress lawmakers to switch sides, giving the BJP an overwhelming majority in the 40-member Assembly, the sources said.In order to accommodate the new MLAs in the Cabinet, Mr. Sawant would be dropping four ministers, most of them from the BJP’s alliance partners, they added.Talking to PTI on July 11, Mr. Sawant said a decision on the fate of the coalition partners in the Cabinet would be taken only after he returned to Goa.However, the sources said all the three ministers of the Goa Forward Party (GFP) — its president and Deputy Chief Minister Vijai Sardesai, Vinod Palyekar and Jayesh Salgaonkar — were expected to be dropped, along with Independent MLA and Revenue Minister Rohan Khaunte.The GFP, a regional party, has been with the BJP ever since the saffron outfit formed the government in the coastal State after the February 2017 Assembly polls.Meanwhile, Mr. Kavlekar, who returned to the state from New Delhi, told reporters at the Goa airport that he took the decision to join the BJP as his Assembly constituency had remained underdeveloped all these years.“I was in the opposition for long which was affecting the development of my constituency. I have taken this step as the BJP is a party which has been pro-development and when I remain in power, it will help the people of my constituency,” he said.Besides Mr. Kavlekar, the other MLAs who switched sides are Atanasio Monserratte, Jeniffer Monserratte, Francis Silveira, Philip Nery Rodrigues, Cleaofacio Dias, Wilfred D’Sa, Nilkant Halarnkar, Isidor Fernandes and Antonio Fernandes.
Sanjeev Bhaskar, best known for starring “The Kumars at No. 42”, is set to appear in an upcoming episode of “Doctor Who”.The comedian will play an “important” role in the final episode of the new series, reports dailystar.co.uk. Sanjeev had previously lent his voice to “Doctor Who” audio stories, but this marks his first appearance on the show.Sanjeev Bhaskar is best known for starring The Kumars at No. 42″I’m thrilled to have made a small contribution to – and now be part of – the ‘Doctor Who’ universe. Another dream box ticked!” he said.The new series of “Doctor Who” will see Peter Capaldi take over the title role and he’ll be joined by a host of famous guest stars including Frank Skinner, “Line of Duty” actress Keeley Hawes and singer Foxes.
Arsenal appointing first loans managerby Paul Vegas10 months agoSend to a friendShare the loveArsenal are appointing a first loans manager.The Sun says Arsenal will make football data analyst Ben Knapper their first loans manager from next month – in charge of starlets like Reiss Nelson.The Gunners are following a rising trend in the Premier League of appointing a supremo to oversee the rising number of players out on loan.Knapper is being promoted from his role as lead analyst after joining the Gunners from sports data and technology company Prozone in 2010.His main roles will be to decide which players to loan out and where. TagsTransfersLoan MarketAbout the authorPaul VegasShare the loveHave your say
About the authorFreddie TaylorShare the loveHave your say Chelsea manager Lampard positive Kante will face Lilleby Freddie Taylor24 days agoSend to a friendShare the loveChelsea manager Frank Lampard has confirmed N’Golo Kante is a chance to face Lille in the Champions League on Wednesday night.Injuries have disrupted Kante all season, with a hamstring niggle the latest ailment that caused him to miss Saturday’s win over Brighton.But the World Cup winner returned to training on Tuesday and Lampard was confident he could play against the Ligue 1 outfit.”He trained this morning and he got through training okay,” said Lampard.”He is still one we have to assess in the morning but we are positive he will be fit to play.”The injury doesn’t relate to the Europa League final. What that injury did do, regardless of whether he played that game, was meant he had a broken pre-season.”It’s a slight domino effect. The main injury is now feeling good, but he’s probably got a couple of niggles since that, and a tackle at Manchester United in the first game that affected him on the ankle.”There’s a bit of bad luck in there as well. Everyone is working towards getting him regularly fit so he can play continuous games, and I’m hoping that’s coming really soon.”
TSX Venture1,405.051,499.142,125.68 Those who have already averaged down and find themselves, if not “all in,” then perhaps with less cash than they’d like, must hold and not lose their nerve. We’re in front of what may be the most spectacular buying opportunity in years. Sure, if a company suffers a major political setback, runs out of money, or shows in some other way that it’s unlikely to deliver, then sell – but do not sell just because the market is down. TSX (Toronto Stock Exchange)11,871.2312,178.6613,611.32 Gold Producers (GDX)44.0546.7058.34 Gold1,642.021,620.381,515.88 Gold and Silver HEADLINESTravelers to India Face Special Gold Scans at Major Indian Airports (Emirates24|7)Travelers to India are being scanned for gold and gold ornaments in the country’s major airports in an effort to collect duties on gold amounts exceeding a law-defined maximum.According to an Indian law enacted in 1967, people traveling to India are obliged to pay a duty for carrying any gold ornaments valued at more than Rs20,000 (roughly $375 at today’s exchange rate); for males the allowed amount is lower by half: Rs10,000 (roughly $185).At current gold prices, the amount of gold one can carry without paying additional custom duties is tiny. An Indian woman on average wears a gold chain weighing 16-25 grams at least, which at the current price would be worth at least US$845-1,320 and exceeds the tax-free allowance.People of Indian origin can carry up to 10 kilos of gold, provided they pay a duty. Recently the authorities have seen a spike in undeclared gold being smuggled into the country as gold prices, and the amount of applicable duties, rose.The market for gold in India is legendary, and since 2008, the metal has remained one of the preferred investments for Indians. The increasing amounts of gold smuggled into India are not accounted for in official statistics for gold imports, so we can only guess how much more gold Indians are buying than what is reported in government numbers, which must be seen as the lowest figures in a possible range.Indonesia Plans Export Tax on Copper, Gold, Silver Ores, up to 50% (CommodityOnline)Indonesia plans to impose a 20-50% export tax on a wide range of commodities sold in ore form. Fourteen minerals are subject to this legislation, including gold and silver. The justification?“We want miners to process and refine the ore in the country and therefore stimulate the construction of more smelters here,” stated Coordinating Economic Minister Hatta Rajasa who also added that the implementation of export tax was not aimed at increasing the country’s revenues but was targeted to deincentivize the mining companies from selling the commodities as ores.This initiative may look reasonable: the government attempts to maximize the use of the country’s natural resources and expand the value chain of the local mining industry, which would incentivize creation of new production facilities and consequently workplaces, as well as generate tax revenue.But changes in legislation – and Indonesia has already made some questionable decisions this year – do not encourage foreign investment and may strangle local industry. Such moves are certainly keeping our investment money out of the country. This Week in International Speculator and BIG GOLD – Key Updates for Subscribers International SpeculatorDespite rising costs, this company’s increasing production keeps cash flow up. We like the potential this play has for production growth and discovery – see our latest comment and recommendation update. Copper3.733.794.12 Rock & Stock StatsLastOne Month AgoOne Year Ago Oil102.54101.47109.24 Gold Junior Stocks (GDXJ)21.9722.8337.94 Silver Stocks (SIL)20.1421.2725.85 Those who are new to the sector should buy first tranches on great companies and prepare to average down with second tranches and stink bids, should they be so fortunate as to get opportunities to do so.What if I’m Wrong?At the close of our conference in Weston, David Galland polled our attendees, asking how many thought the US and global economies were actually recovering (implying that we should not be investing with further crisis in mind, but improving economic conditions). In the entire, packed room, only a handful of hands went up. Okay, we had just presented a lot of evidence for why the Casey consensus is for more crisis ahead, but there were different views among speakers, and the overwhelming majority of independent-minded thinkers present agreed that the fundamental trend we’re betting on remains solid.If they – and we here at Casey Research – are all wrong, and the bull market for metals is over, you may lose some money. This is why we always urge readers in the strongest terms not to speculate with money they cannot afford to lose. There is, however, no practical limit to how much money you can win, if we’re right – and that’s why we do urge readers in the strongest terms to embrace intelligent speculation.As Rick says, in these markets, you’re either a contrarian or a victim. Bear markets are for buying and bull markets are for selling. We believe we have entered an acute, but temporary, buyer’s market. Our path is therefore clear: we must buy the bear.Sincerely,Louis James Senior Metals Investment Strategist Casey Research Silver30.3531.3539.31 This company is one of our favorite takeover candidates. It’s well cashed up, consistently delivers high-grade intercepts from its multiple projects, and the shares are trading near 52-week lows. Here’s our latest take. BIG GOLDA number of BIG GOLD companies filed their quarterly reports last week – check out the latest on your favorites on the portfolio page. Dear Readers,Your metals team has just returned from the Casey Research Recovery Reality Check conference in Weston, Florida. I think the quality of the speakers was perhaps the best ever. There were clever tales and insights aplenty, but I’ll cut to the chase for investors in the metals and mining sector: The correction we’ve been experiencing was discussed at length, and while no one is sure when it will bottom, legendary investors in our sector are buying now.Some say my calls to buy the best of the best mining stocks in the midst of a continuing share-price decline evoke a fear akin to what one feels trying to catch a falling safe. It may help to know that investors today are buying alongside Rick Rule of Sprott Global, John Hathaway of the Tocqueville Fund, and Doug Casey, of course – among other legendary resource investors.I interviewed Rick in Florida, as you may have seen in last week’s Conversations with Casey. We both have a sense that the meltdown in our sector may well get worse before things get better. The “sell in May” conventional wisdom could collide with an already bearish sentiment and truly rustle the whole resource-sector herd to the share-price slaughterhouse.We Should Be So LuckyI’ve said that before: we should be so lucky as to get another 2008-style buying opportunity – and that’s what we’d have if the market melts down from this low point.I’ve also said “buy low and sell high” so often, it’s starting to sound like I’m stuttering. It sounds easy, but it’s not – if it were, everyone would do it, and there’d be no profit in it. Contrarianism 101: You have to buy when others are panicking and there’s blood in the streets. That means you have to master the fear and do the opposite of what everyone else is doing.Email from some unhappy readers whose recent share purchases are down have made me wonder if they thought we were joking or merely being rhetorical about this. The whole idea behind the tranche buying system we advocate is to take advantage of downward volatility, and the objective of placing stink bids is to capture “stupid” prices. I meant exactly what I said: we offered guidance on lower prices because we believed a major correction was a distinct probability. Well, here it is.I see the buying opportunities shaping up with fear and excitement. My fear is not that our speculations won’t work out: rather, it’s that – as happened in 2008 – too few investors will have the courage to follow through on their contrarian ideals. The excitement, of course, is that we face truly spectacular contrarian opportunities.“When Will the Pain Stop?”A friend, reader, and fellow speculator who attended our conference asked me half-jokingly when the market would bottom. He knows I don’t have a crystal ball, but the way he phrased it was interesting: “When will the pain stop?” It was delivered with a smile that showed he understood the long-term trend we’re betting on remains solid; when you believe in a better future but suffer pain in the present, you don’t want your life to end – you want the pain to stop.I said I saw the slaughterhouse potential mentioned above, and that I was hoping for a chance at phenomenally stupid prices on great companies. However, any number of factors could reverse the market’s current fear-dominant sentiment back to being greed-dominant again. Scary news on the geopolitical front – just one potential black swan among many – could send gold shooting north in short order. With many gold companies severely undervalued, that could bring greed back to the forefront with a vengeance.I also interviewed John Hathaway (coming soon to an inbox near you), who said he thinks we’re close to the bottom now. Gold stocks are already undervalued and he’s buying.He may be right. I had dinner with a friend the other night who is a much more mainstream investor than I am. He told me he’d just bought Newmont for the reasons Jeff Clark outlined in BIG GOLD last month – but he’s not a subscriber. He reasoned that while gold is up over the last year, the retreat from last fall’s peak has producers so beaten down, many are deeply undervalued relative to the strength of the underlying commodity. He saw an opportunity, liked Newmont’s dividend structure, and took it.If mainstream investors are waking up to the opportunities in oversold gold stocks, Hathaway could be right: We have bottomed, and the time to buy is now.Rick, by the way, says my anecdote matches his observations; he thinks more mainstream investors are becoming aware of today’s specific opportunity in gold stocks, as the high-visibility gold indices such as the HUI have diverged substantially from the gold price. He says that’s bullish, but suspects that present market negativity will take a while yet to reverse – and that that’s a great thing. He likes to buy what others are afraid to touch; usually, that means grassroots plays, but now he’s very pleased to be able to buy advanced developers and even producers that are on sale. Rick shares my excitement at the prospect of 2008-style prices – he seemed almost gleeful when I spoke with him.I talked about this with Doug, of course, and he agrees – he said he looks forward to seeing my shopping list.What to DoIf John is right and we are at a cyclical bottom, now is the time to buy.I would not go “all in” even if I were positive John is right, because no one knows the future for certain. Still, I would move aggressively, deploying more cash into gold stocks. In fact, the divergence between gold and gold stocks has become so great, some of our conference speakers mentioned selling some of their gold to buy more gold stocks.[Some of the biggest institutional and mutual fund managers believe that gold miners are severely undervalued, and they’re urging their clients to load up.]If I were sure Rick is right about lower prices in the months just ahead, that would not make buying some undervalued stocks now a bad idea. Again, no one can be sure – a point Rick himself made. If the companies are solid, well financed, and have projects of genuine merit and the right people to push them forward, today’s buyers should come out well, regardless of the fluctuations along the way – as long as they don’t panic and sell at the real bottom, when they should be buying with gusto.Key point: no one can call the exact market bottom, except in hindsight.That means you have to buy when prices are low and not worry too much about how much lower they could go. That takes discipline and nerves of steel – the DNA of the contrarian mind. This is precisely the rare and difficult ability that makes fortunes for speculators – and the reason they deserve to make those fortunes.Profiting from 2008 was only “easy” in hindsight – many people chickened out at the moment of truth, when share prices went into freefall and I was putting “BEST BUY” on many stocks. Others were willing but lacked the liquidity to follow those recommendations. I know – I got the agonized emails.So, here we are in 2012, potentially on the verge of a similar sell-off within an underlying trend that remains as bullish as ever. What to do:Those who’ve taken our advice to take profits along the way and maintain a cash reserve should remember 2008, hold on to their courage, buy first and second tranches where appropriate, and prepare to buy low in a big way with stink bids.