I don't know how the world will look in five years, so I have heeded Ray Dalio's advice to diversify. [Dalio of Bridgewater Associates.] I keep 25% of my assets in equities. I haven't shorted anything yet, although I am tempted to short the S&P or the Russell 2000. I don't own U.S. stocks, but I hold some Asian shares, including Singapore real-estate investment trusts, which I will discuss momentarily. Markets in the Philippines, Indonesia, and Thailand have quadrupled from their post crisis lows, and aren't attractive any more. But I still hold some shares in these markets with relatively high dividend yields.