The bullish consensus is slowly forming and as it does so the market top gets ever closer. However I am sticking with it: we have perhaps forgotten what bull markets are like: prices rise day after day week after week with hardly a pause. One of the famous investment maxims is “I sold early” but in my experience the real discipline is to sell late. Shares can trade cheap, then trade fair value, and then trade expensive. It’s always surprising just how expensive they can get. Besides that I can still find quality companies that are cheap. I have as many long ideas as I have shorts as I discovered when I started to think about making a list of my best shorts.