I started trimming the position today.  My plan is to reduce it by 75% to 80%.  Yeah, Ouch! Taking a substantial loss.  As I said before, what concerns me most is Nokia's ongoing cash bleed . It is the main reason why I am reducing the position considerably.  A close second is the fect that Suri cannot get a handle on the Industry, i.e. now next year is again a negative year.  Maybe he is finally clearing the deck, but with the constant negative surprises over the past year, I need him to show me the money for me to bet big on him.

I still believe that the long term in the industry is great once the cycle starts, which now is truly in question as to wether it is in one or two years.  I want Nokia to show me the money.  I still think Nokia over the long term will do well, so by not selling the entire Nokia position I will be forced to keep up with the Industry and company news.

When I see that Nokia is turning the corner and see a credible inflection, then I plan to increase the position.