It's a sector we think is overvalued.

Stocks are still overvalued,

We've got our weighting back to neutral but we're reluctant to go underweight, we think conditions are still supportive for the stocks.

He who undervalues himself is justly overvalued by others.

At these prices, it's substantially overvalued.

When you say the stock market is overvalued, you imply that the stock market is going down. But there is a touch of lunacy in every bull market -- stocks can become even more overvalued. A rational investment policy in an irrational world is suicide.