"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.