I read your commentary faithfully. I started investing in the stock market fifteen years ago through my 401K plan where I work, and through other means outside of that plan. My strategy was simple, dollar cost averaging, buy and hold for the most part, put in enough so that I could reach my goal based on roughly 12% average return. Everthing was clicking along for a few years and then the irrational excuberance kicked in. I survived bailing out of my index 500 fund not far from its high. I was one of the fortunate ones who questioned valuations at that point, It would have made sense to question them much sooner , I just got lucky. Thanks to you and friends like you who share what I feel is the honest side of the investment world Im doing ok. Ive seen some co- workers ( most of them) who just sat back and followed the " It'll turn around" or the " I'm in it for the long haul" mentallity fostered by the financial media ala CNBC and watched what could have been the start to a substantial nest egg cut in half. And thanks to this latest sucker rally will probably lose even more. It's not fashionable to be stodgy anymore i guess and it's not easy in this instant gratification society we live in. It's refreshing to read your commentary and get to listen to people who share the concept I had when I started investing back when. Keep on telling the truth about all of this hole that is being dug for us Keep up the good work.