This is not a great market to keep harping about valuation. Nearly everyone who's been around longer than 5 years knows that many stocks are wildly overvalued. But those with decades of experience know that stocks can remain overvalued and get even more so.
It's time to be aware that you're all riding a tiger. If you're 10% cash, you're not in cash. That is 90% invested. And if you're even in "largecaps" or "defensives" that will still mean you will fall like crazy when you do; in fact the "offensives", i.e. everything other than what you own, could go up another 50% before falling, and end up bottoming out higher than where you end up.
There is zero predicting ability on stock movements right now. It's a mad market, and will remain one until....it's not. The point isn't to keep warning people that it's getting too hot. I've heard this from last December and we're up some 30% or more since. It could fall tomorrow, and it could fall 10 months from now. The better thing to warn people is: stay nimble, and stop loving your stocks. When markets fall, even the ones that give you the most smiles today might need a harsh goodbye.
But till then, accept all the incoming awesome upmoves that you cannot explain. You don't have to explain everything good that happens to you, and you probably don't deserve it, but you're getting it anyway. Happiness doesn't need entitlement - it just needs the ability to sit back and enjoy it while it lasts.