Subject: Re: Latest from Howard Marks
75% of Apple sold.

Last I saw, it was 2/3 of the position sold. And amazingly, it STILL remains the largest position in the portfolio. Normal prudence alone likely might have dictated selling that much of it. Plus there's got to be a reason to sit on all this cash. And one reason could be that they are expecting some bargains to pop up in the near/medium future.