"then I would have to consider selling TGA, and be lumbered with...

"then I would have to consider selling TGA, and be lumbered with the task of re-investing the proceeds in an overheated market."

The few limited circumstances I would consider selling (granted, I do not have the luxury of free capital gains tax through an SMSF in pension phase so I consider tax consequences as well):

- Company fundamentals have deteriorated
- I find a better opportunity and require cash
- The company is grossly overvalued

With regards to TGA, no to the first, no to the second, no to the third. $2.65, in my opinion, is still not grossly overvalued.

With regards to the other companies you sold - why sell if you like the companies and you have no home to invest the realised cash? You stated the market is overheated, though in my opinion, the market is close to fair value but not overheated. I do not know which companies you sold out of so they themselves may very well have been over priced.

My views will likely reinforce yours as I too have found it difficult to find any investment opportunity of particular note. There are many worthwhile companies, though none that are significantly undervalued.

Who knows, Cyprus may cause Mr Market to run with tail between legs.

I just finished reading "One up on Wall Street" by Peter Lynch. He basically kept his eyes and ears open for opportunities that he heard from his wife, or saw at the local shopping centre etc. Breville (BRG) may be worth a look after applying some of his principles. For you, what follows is anecdotal evidence:- Looking around my friend's and relative's kitchens, there are plenty of Breville appliances on show. I looked through my own cupboard and found plenty of Breville. It seems it has a solid brand name.

Using the last set of financials it is by no means undervalued. However, its expansion into the US may continue its solid growth. Blenders, mixers, kettles, toasters are found in every kitchen so I believe there is longevity there.