While the market isn't wildly overpriced, I don't think it's cheap at all. I've been looking for investments and not finding cheap stuff. Interest rates are near-zero for no good reason, forcing money out of hiding. There's massive amounts of money sloshing around and I'd bet there's a lot of what will look like stupid behavior in hindsight going on. I'm fairly heavy in cash right now and I want that cash parked where it gets the lowest possible return. Right now, getting a 1% return might be riskier than getting a 5% long term return in the market or a zero percent return in actual cash and facing the inflation headwind.