I think it was this.

I have looked at how much my investments have grown in 2024, and am having thoughts about what to do going forward. The S&P500 total return YTD is almost 28%.
A $1M portfolio gained about $280,000. That's a lot to leave invested when valuations are so high and there is a bit of political uncertainty.
If a smart person says that he has moved a lot out of stocks and into T-bills, maybe it would be a Good Thing™ to take that entire 2024 gain and put it into T-bills. It sure would be nice to protect that gain.
Last year's (2023) total return was 22.3%. That's, um, about 55% return in 2 years.
FWIW, the T-Bill TR YTD is +5.2% (TBIL), 3 mo Tbills
XBIL, (6 mo) is 4.9%
SHY (1-3 yr treasuries) YTD is 3.65%
I'd hate to get 4%-5% when stocks get 25%, but would hate it even more to get -15% in stocks and lose a big part of that huge gain.
As the saying goes "....pigs get slaughtered."

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