Karim Rahemtulla, Co-Founder, Monument Traders Alliance Dear Reader, Warren Buffett was on CNBC this morning. Becky Quick asked him about the market. He said what he always says when things get ugly: if there is a big decline, Berkshire will deploy capital. He has the cash. He has been waiting. He is not panicking. Most investors hear that and think it is easy advice to give when you are Warren Buffett. It is not about being Buffett. It is about being prepared before the decline happens. And preparation is a decision you make when things are going well, not when they are falling apart. I have been doing this for a long time. I co-founded Monument Traders Alliance because I believe most investors are playing defense when they should be playing offense, and playing offense when they should be protecting what they have. The metals trade is a perfect example. When silver hit an all-time high earlier this year, I trimmed all of my metals exposure. I even sold my physical silver. Not because I stopped believing in the thesis. Because the position had done its job, and the price was telling me to take the gift. That is position sizing in practice. Not a formula. A decision. Most investors do the opposite. They fall in love with a position when it is working. They add to it. It becomes too large. And when it turns, they freeze. They cannot sell because selling would mean admitting it is over. I have kept one rule for years: no individual stock position exceeds 4% of my portfolio. That is not a suggestion. That is the ceiling. Income positions like preferred stocks and bonds sit outside that rule because they behave differently. But for equities, 4% is the line. That rule is what allowed me to trim silver at the top. The position had grown. I brought it back in line. The cash went to the sideline. Now look at where we are. The S&P just closed out its worst quarter since 2022. Miners have been beaten up badly. The same names I was trimming months ago are now starting to look interesting again. I am not in a rush. But I am looking. Could they go lower? Absolutely. Nothing about a correction guarantees a floor. That is exactly why I am looking and not yet buying. The income sleeve keeps the portfolio working while I wait for the right entry. If miners drop another 10% from here, that is not a disaster. That is a better price. That is the difference between a portfolio built for this environment and one that is just hoping things recover. When Buffett says he will deploy on a big decline, he can say it because he spent years building the capacity to do exactly that. | 
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