While I still have a large exposure to Australian and global stock markets via my SMSF investment, it doesn't have any gearing and is invested for the 'long term' so I can be fairly sanguine regarding market gyrations. But I am glad that I decided to sell off most of my stock market based investments (to free up cash in preparation for 'settlement' on my investment apartment towards the end of this year) at the end of April and eliminated my margin loans.
I probably won't have any free cashflow for the next few years (my apartment will probably be 'negatively geared' for quite a while, especially if mortgage interest rates rise significantly), but there may be a good opportunity to start investing back into the stock market once the current cycle 'bottoms out'.
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