Change In Positioning

I have decided to reduce my gross exposure by selling some longs and removing my hedges. On net my market exposure has not changed much. The reason I did this is because some of my longs have come a long way and such a large position is no longer warranted. For instance, my position in CA has grown very large. At $27 the stock is less attractive than at $20. I cut the position nearly in half today.

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