Markets Are Wildly Overvalued — Still Long

If you look at the valuations of any stock worth mentioning, you’ll find it to be 20-50% overvalued based upon historical valuations. Whether said valuations should be expanded or not due to zero percent interest rates is another story. But the point here is that we all know stocks deserve to go lower and yet here we are buying into the madness.

Collective insanity?

Maybe.

I closed out numerous positions and bought some gold. Other than that, 65% cash.

Very busy and on the go now, so no time for a drawn out discussion.