I would say that many stocks are currently trading for more than they’re worth. I've been accumulating VMATX, which is not a cash-equivalent, but is a pretty good vehicle for conservation of capital.
To date, I have not sold any shares from large holdings in RVNC and ENTA because I don't think these particular stocks are overvalued.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”