$NDX $QQQ $SPX $SPY $DYD $DIA $IJH $IWM Risk is embedded in price, whether it feels like it or not. Selling for over 10 X Price to Sales used to be considered a "valuation problem." Clearly, ONLY going by P/S's ratios is not enough as it can keep you out of great companies, but it is still a measure of risk and likely volatility, which has to be considered in position sizing if you value your principal. As soon as earnings disappoint, one can lose 10%+ of a position in one day in a "High Octane Stock." So where are we in the % of companies > 10X sales in the big indexes? $NDX $QQQ 26% $SPX $SPY 7.4%. $DYD $DIA 6.7%. US Stocks: 493/5187 or 9.5%.