I agree here. Imo, in this market, with interest rates as low as they are, it again (if you were around, you were just a kid at the time) could mean that common growth stocks (especially industrial-like) could sell again at p/e's at 20x (i.e. earnings yield 1/20 = 5%) -- IF people believed interest rates were going to stay low. And in some sectors we're almost or already there with 20 p/e.
This thread has slowed down. There just aren't that many value propositions now that people are finding or willing to commit to purchase. Or so it seems to me.
I have also been selling into this market. My net cash position is as high as it's been in at least a decade.
What to do with cash? The best answer, just imo of course, backed up with my reading of what successful value pro value investors say/do, is this: When there's nothing to buy, don't buy anything.
I have trouble just doing nothing. Obvious, given the number of positions and frequency of buys that I make and post. Fwiw, I am shifting a very small portion of the cash I've raised into a couple stocks that aren't really value buys but are strong companies that may have mediocre growth but also seem to have market presence and staying power. For example, and fwiw, I've started tracking positions in KOF - Coke's largest bottler, a play, I hope on Latin American growth market. Also JMHLY. Jardine Matheson Holdings being my bet on resurgence of Asian market and growth of emergent market middle class. (I like JMHLY's size, multiple businesses, and wide exposure throughout parts of Asia -- rather have it than an etf or fund). Whereas I normally would look to a 18-36 month holding for a value stock, with these I am guessing to see results, I'll have to stick with them 5-7 years and endure some pain sometime if/when they fall with a general stock market decline.
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