Ok Nick couple of points,My reference to looking at it from...

Ok Nick couple of points,

My reference to looking at it from different perspective re age is assumption that a younger person would tend to employ more leverage to investment.
This increased leverage would force them into the role of an investor and not neccessarily a trader.
As stated re shorter transaction cycles I agree property / equity markets are at the moment not the place for long term investment.

I have stated in numerous posts that the interest rate cycle and levels of liquidity are the over riding factors when it comes to investment in various asset classes
not historical PE's.(in that I think we agree.)
To state that PE's were at 10 at the beginning of the bull run and are now at 25 is meaningless to me, its all about money flows dictated by interest rates and liquidity.
As of NOW the US bond market is telling me the interest rate cycle has bottomed BUT is showing no signs of going into a maturing upward trend.
This to me signals a change of stratedy on my part, shifting from investment to trading (as have been doing for approx 2 years now) but not a mass withdrawal of funds from eqiuties and property.
My thinking is until the interest rate cycle shows signs of a mature upward trend the DOW is in no danger of signifcant correction just more of the same. (A gentle downward movement)
I suppose where we differ is you are analysing asset classes going forward as an investor for long term capital gain and have come up with a clear trend that makes sense to you.Where as I at this point of time can see no clear trend going forward and am wanting to grow in the short term.
(I would not be surprised if interest rates were still botttoming in the states in 5 years time, I just don't know.)
Why the short term?
Because this is my present stratedy against the uncertainty you have correctly identified going foward.

Your post about logic / hope gives me the impression that you think I am a tragic bull, not true I just believe that stratedy should be tied to the global indicators that point to direction and magnitutde of money flows between assets classes.
At the moment we have no clear trend for the long term.
eg.
Declining interest rates, high liquidity > invest Equities.
Increasing interest rates, high liquidity > invest Bonds,cash.
No clear trend, high liquidity > stratedy changes from investment to trading.
etc,etc,etc.

Anyway Nick I appreciate your time and input, am not trying to score points.

Rob.