Any stock going up I should own. Wall Street has a habit of looking at old statistics like a bunch of baseball fanatics and expecting patterns to repeat themselves, except that they don't any longer. Stocks have blown past every valuation landmark in sight. I've tried a number of times to say that I'm right and the market's wrong. Maybe I've learned a lesson.
Markets sometimes run far longer than anyone expects.
I mean, Cisco Systems is a great company, but 100 times earnings to buy its shares is a big number. I try to make decisions based on future relative growth rates. And when I take profits in those stocks, I do it slowly. But for the most part, I don't do it. Holding on, as opposed to buying more, is probably the most I can do in that environment.