For whatever it's worth, I lightened up a bit yesterday. I sold about 4% of my holdings.
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This is surprising. I was going to respond with a bit of retelling of your post a few weeks ago.

Yes, well, what can I say?

I made a *very* conservative guess of what book and IV might look like tomorrow, and it looks nice.
But the current market price isn't cheaper than usual relative even to even that bumped-up number, so, if valuations stay in the same sort of range that they have since the credit crunch, the short term outlook isn't particularly exciting.

Longer term it makes almost no difference. The deviation from "normal" is very small, so only the trend of value increase is material.
But I'm the sort of person who looks at things more frequently than that.

Book will certainly look good, and Mr Market might like that.
But as I have mentioned (and sometimes got dumped on for!) I don't think the value of Apple has risen faster than its (smooth) earnings per share, so a chunk of the Q2 book bump, as with the Q1 bump, will be in that sense meaningless.
On the bright side, I don't think Apple is worth any less than it was a few days ago when the price was 7% higher : )

And if the profits in the operating subsidiaries surprise me to the upside I'll no doubt regret the sale.

Jim