If the UWR positions will take an initial correction as the S&P 500 and overvalued market makes a large, long correction, would it not be prudent to cash out all or part of of the UWR and buy back later at lower prices?
No, because as the overall market is correcting lower...the institutional money has to go somewhere. What does it do? It rotates out of high P/E stocks into lower P/E stocks. That's what we've owned. However, if you're up 10-20% or more on any positions, there's nothing wrong with taking profits and raising more cash to be able to take advantage of the market's dip that's coming.