In one of my retirement accounts I held 100% Vanguard Total Stock Market for over 10 years. Two weeks ago I took some of my winnings and reallocated them into an intermediate term bond. I'm 40 years old and am more conservative with my retirement than ever before.
At the same time, I have a brokerage account with individual stocks. I haven't bought anything new for over a month. Everything on my watch list is too expensive for an entry point. I'm anxiously waiting a crash, correction, etc until I buy anything else. I'm in the market so I don't feel like I'll miss returns but I'm also not going to buy when it's high. That unfortunately means being too much in cash.
I think this is a weird environment....I went on a buying spree in December when the bottom fell out; now my Bond Fund is at 52 week highs, my REIT is at 52 week highs. I can really warrant adding to either of those either until they come back down.