Subject: Re: Ot scaling back stocks
"Overvaluation" is a tricky thing to determine.

2014-2024:
https://stockcharts.com/freech...

SPY +300%
BRK.b +290%

Berkshire was quite cheap back then (1.23x book at end of 2013).
I don't think any of us here would have said the same for SPY. Quite the opposite.