It's been a few months since my last post. Since then, markets have been continuing their march upwards, S&P 500 going from 4,850 in late January to 5,210 today. Everything on my watchlist is quite richly valued again, hence the lack of activity of any buying on my end. 

I typically get excited and motivated to research companies when markets are in downturns and then once things recover I tend to lose interest.  Right now I don't see many bargains out there so besides reading the annual reports for stocks on my watchlist I haven't been doing too much.

Cash is roughly 31% of portfolio. Unless we get another significant downturn (25% plus) or one of the stocks on my watchlist experiences some temporary problems then it might be another few years before this cash gets put to work. Ideally I would like to have something like 10-15% cash, with the remainder invested, but so far I have never been able to get close to that number.

There are plenty of great companies I'd love to buy but here are some of the current multiples for which they are available for.

Clearly these are all great companies with long runways of success ahead. I just can't get on board with the current price. Many of these prices would need to get cut in half before I'd have any real interest so I may never get the opportunity to buy.