Agreed. It’s very wise to be cautious in dangerously overvalued times. They don’t come often. And we won’t catch a top. But we avoid a ton of downside and retain a lot of gains we otherwise wouldn’t have.
Living through two bubbles and busts, I’ve never lost sight of how they felt and how mist people were thinking as they were forming and when it popped. A lot of the value I being is in helping one to maneuver through it better than they would on their own. So far, I’ve never got caught blindsided by a bubble. I always saw them ahead of time and prepared, while everyone else thought I was a idiot. However later, they realized what I was doing was wise.