TLDR: If you were selling at the bottom in April (a mistake), you have no reason to be buying now at all-time highs. Howard Marks truism: There come times when the pendulum swings between bearishness and bullishness. In a sense, a measure of fear and greed.There are limits to either side; being a rally or a crash will find its eventual top or bottom.Market timing is hard. If not impossible. The worst of crashes came out of nowhere. The 1987 flash crash came out of the blue. All good investing is contrarian in nature. Based on my observations, here are some notable ones: On the key index: S&P 500 at all-time high, tends to make new highs. S&P 500 is at a stretched valuation which typically trades at 18.3x PE (last 10-year average) vs 22x (current), though somewhat more before dotcoms’ 28.3x. Buying at high valuations can lead to...