We should remember that FB (and his clients) got burned, badly burned last year. I suspect that he is still well under water and is very risk averse. As I mentioned earlier about him separating past and current holdings, he could still have his pre-2008 holdings and is no longer reporting them in his newsletter. From what I can tell he is currently only playing very short term plays. I suspect if you asked him about his 2007 Tyhee report that he would be even more bullish today than he was then, but that his newsletter advice today is for the short term.