I'm pretty sure he's out here on the west coast with me, in the Silicon Valley.His views reflect the current economic climate here in the valley.Its pretty much a stagnant pond .The only real growth seems to be in the number of corporate and industrial vacancies.He's one of the few guests on CNBC ,I turn the volume on for.(I like to have CNBC' ticker on one of my screens). Fleckenstein isnt one of seemingly endless supply of idiot cheerleaders like Krapper and Krudlow, who are only correct when the market is trending up. I can find no fault in his wanting to minimize his errors on the side of caution. Especially if he is entrusted with investors capital.