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"Equities are not cheap."

It's true they're not so deliciously cheap as they were a few months back, but there's not yet a shortage of reasonably priced bargains.

"Dumb money is flooding into the markets. Anyone wishing to call themselves "smart money" would have been buying at half the price four years ago - or at 25% cheaper prices in autumn 2011."

I've no wish to call myself "smart money" - we dumbos are thick enough to be quietly happy so long as those dividends keep snowballing in.


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