There are worries about stretched valuations, but many analysts say that the economic news has been just too good.

Technology, by contrast, is now just 4 percent of the portfolio because of concern about valuations.

But don't worry yet - at least about valuations.

Institutions went into hedge funds because they were very concerned about high valuations in the equity market and wanted diversification.

This is not simply a complaint about escalating valuations.

My conclusion is that they are concerned about the visibility of earnings and about valuations.

"We have been talking about valuations for months, and now it is finally hitting home."

He has hopes for further gains this year but is concerned about valuations after such a big climb.

"When the numbers deviate from economic reality, you have to adjust them before reaching conclusions about future estimates and valuations."

And while doing it, don't spend too much time worrying about valuations.