At 2006 prospective PE of 16.5x, it can’t be considered cheap. Reason for the runup is Alan Greenspan who pushed rates way down after the tech bubble bursts. Now rates have come back up and the economy’s slowing down. And the market’s rebounded strongly since 03. One begs the question, how much more can it go ?

I’m holding on to funds I bought since 1995. But I’m not really adding to any US equities position.