Roger ... the problem is that you have have been sitting on too much cash for years. Are we in a bubble in Australia ? It doesn't feel that way. 1987 and 2007 felt very different to now. Australia does not have hugely over inflated share prices and there is much value to be found outside the top 100 shares. I would rather follow the trend and be wary when there is a speculative boom rather than sitting on cash earning unfranked 2%