TJ: I think we have more in common (investment-wise) than you may think. I WOULD disagree with one thing you've said ---- I think the stock market IS climbing a wall of worry and most of the individual investors do not trust this market and have NOT participated in this run since March. That is one reason I think this rally will last longer and go further than many on this board think.
I have no quibble with you regarding valuation --- as I stated, this has NOTHING to do with fundamentals or valuation, strictly momentum and investor psychology. While this may sound as if it contradicts my belief that the market is climbing a wall of worry, I think it is the absence of sellers rather than a swarm of buyers that keeps this market going. There has been absolutely NO selling pressure in this market since mid-March.
Just for the record, my current portfolio is balanced as follows:
gold/silver (basket of gold/silver jrs. - microcaps): 20%
commodity-oriented stocks: 5%
high-dividend paying (12-18%) stocks: 17%
Asia/emerging markets: 5%
hedge funds (basket of 6): 17%
equities (basket of 6 mutual funds): 36%
bonds: 0%. Exited all bond positions June 1st and see no reason to hold bond positions in what is now the beginning of a secular bear market in bonds.
As you can see, I am NOT throwing caution to the winds and I am NOT overly exposed to equities. I DO want to participate in the equities bull market, however.
At any rate, good luck and continued success with your investing!!
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