### Comment:
I have played both sides. I've been long the last decade. But for me, this is closer to end cycle, so I'm rotating out of risk. 
  
 Though, I accept they'll continue to inflate the bubbles further. But at 300% return on index funds over a decade, capital preservation is more important and I've rotated to defensive positions. 
  
 Playing options was really a play on when the end cycles sentiment starts to appear as economic data turns.

### REPLY:
P/e is at totally normal levels. Index funds only look exceptional if you bought at the absolute bottom of the Great Recession.

### END.