It is hard being patient. Especially when you are five years into a bull market.
But these are the times that it is important to start being cautious.
All-star fund manager Steve Romick of First Pacific Advisors (Trades, Portfolio) is saying that very few stocks are now meeting his risk/reward expectations. Therefore he is not buying much, taking profits in other places and building up a cash warchest.
There will be better days for buying stocks ahead. The only question is when that will be.