"For example, if I had cash in Apple today I wouldn't feel bad moving that into Alphabet today. (based on my own assessment of relative attractiveness--others may disagree)"

Jim, I'm curious about your thesis for Alphabet. I own the stock but I've been a bit concerned that Valueline has dropped their estimated EPS for the firm.

For example, in their report dated February 3, 2023, Valueline estimated that the EPS of Alphabet during the 2025-2027 will be $10.25. Given this EPS, the stock price of the firm at that time (say, between $90 to $100, going by memory) seemed quite attractive, given your rule of not paying more than 10 to 12 times the estimated EPS 5 to 10 years from now.

However, in their most recent report (dated May 5, 2023), they estimate that the EPS of Alphabet ONE YEAR LATER (i.e., 2026-2028) will be significantly lower ($8.00). Moreover, the stock price now is also higher at $122.03.