I agree with f_l_u. If you have been shorting the market for the past year or so, the problem is that the market has remained rational for too long. I don’t see anything close to the overvaluation in the market that we saw in 2000. The market is not significantly (more than 10%) overvalued IMO. It seems to me to be more like the 80’s era of Junk bond kings, leveraged buy outs, and an upcoming S&L crisis.