I have recently sold some stocks and instead of buying bonds, keep the proceeds in cash for now.
Talk of the market already building in prices for bonds hence the price is always right reminds me of the housing bubble in 2000-2006. Here's in Phoenix, it was not as bad as in CA, but people were coming in from out of state to gobble up houses, and left them vacant in hope of flipping them in a couple of months for a nice profit. Results: foreclosure galore.
In early 2011, I helped my daughter buy her nice town home at a short sale for 38% of what the previous owner paid (the owner did live in it until losing her job). Now, homes in her neighborhood are listed for from 60% to 100% higher than what she paid. Of course, 2X what she paid is still a lot less than what it was in 2006.
I wonder how market efficiency theorists explain that.