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By "premium" I meant premium to what you think a share is worth.
Since you admit you're not clear on what that "worth to me" price is, how do apply your rule?

I admit that the "worth to me" price is a very difficult call. As a conservative income junkie, I regard some of my holdings as not for sale at any price (well... within reason). Ideally, I make money by taking assets off people's hands when they're terrified. Sure, there'll always be relative value in the market, but at the moment it seems like the sun is shining, but umbrellas still aren't cheap enough. It's still risk-on-risk-off.

Am I frustrated that I'm largely defensive when cyclicals are making the pace? No. Am I frustrated that I'm 20% cash? I'll confess, a little. But not enough to hurl myself into what I regard as an overbought market. At the moment, I'm focused solely on my ISA watchlist and looking for lurches before April.

And I wasn't implying that you're uncomfortable, I was saying that I am!

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