This is a very aggravating point which I find myself in; stewing around the 9th floor, pacing up and down the length of the rug.
On the one hand, I do not trust “the market”. “The market”…is a real dick and is always out to get me. “The market” is populated by the lowest common denominator of human life. “The market” is driven by emotions and cheaply dismissed arguments.
“The market” can go to hell.
But on the other, I cannot for the life of me identify what it is I should sell. I’ve been through my portfolio twice, with a comb, and frankly, it’s just not that expensive.
If I get a wooden stake through my heart owning a company like MAA, 95% occupied multifamily rental business during a disappointing re-collapse in mortgages, with almost no multiple baked in for growth…I mean, what am I supposed to own?
The only position I have which I can clearly identify as “overvalued” – based exclusively on the metrics – is CCJ (or UEC). But those positions have nothing to do with the metrics, and are still so cheap…what, are we going to not trade uranium ever again? Sure, why not let the fuel for 10% of the grid go offline through massive mining failures. I love playing Dystopia as much as the next kid on the block.
And I know what’s going to happen. The instant I buckle and buy some hedging, one of my positions goes on “the run” again and I miss out.
So that’s the wrap. I just can’t see how the market doesn’t correct – you don’t sustain the kind of damage some of these stocks have seen without there being some follow-through repercussions. I find myself having too little cash and nothing to sell – and horror! I was at 30-40% cash just in February.
To hell with all of you. I blame the NASDAQ for this. You should need a license to invest in tech stocks – way too much responsibility for some of you.