Anticipating a callback, the market was caught off guard, with a total of $1.7 billion in leverage being liquidated. At this level, it feels like we are nearing the end, but what's important now is not to bottom-fish, but to protect positions and reduce leverage. Only by surviving can we turn things around; if it explodes, there will be nothing left. I have been reminding everyone to maintain light positions and low leverage, generally at 3 or 5 times; anything higher is not acceptable. Never collapse before dawn.