Subject: Re: Ot scaling back stocks
What is the specific reasoning to move $280k into T-bills? Why "protect" only $280k instead of protecting more or less than that amount?

Because we are victims of emotions when money is involved, and the profit sum of 280k somehow becomes different from the rest of the money. We'll use credit cards rather than touch money we have painstakingly save, but will blow an end-of-year bonus on frivolous purchases. We'll buy a loser, but won't admit it and sell until it gets back to the magical number of the purchase price. The stories of non-feeling psychopaths being excellent investors are totally believable.