Days like these make it difficult to stick by any disciplined "strategy," no matter how simple you've tried to make things. The two-day decline for US equities hardly counted as a "rout," but at the lows, it was tempting to add some exposure. That might sound absurd considering valuations. Regular readers may remember the figure (below) from two weekends ago, but I think it's useful, so for those who missed it, I wanted to highlight it again. It speaks for itself. Literally -- just read it.