Subject: Re: Valuation @ $250
In general we have moved from a very attractive valuation level (in the $150s - which I was a very active buyer), to a level that is bordering on the high side.

Sounds reasonable.
I historically noted that entry points under 6x trailing four quarter sales per share tended to work out well. (That number would be expected to drift lower over the years, though slowly, so ignore that). It's 9x now.

My Alphabet was one of the few US stocks I still have a position in (mostly derivatives). I closed about 30% yesterday, probably more shortly. My magic 8-ball suggests there may be good opportunities to deploy cash some time in the next year or two. Great firm, but I don't foresee many reasons to conclude it deserves a higher price a year from now, so the cash might have a higher return. And can be used in other ways, too.

Jim