He may be turning cautious too soon, but the bull market began four years ago.

Last August, in fact, he started to turn somewhat more cautious.

Only after it slumped below $15 in August did many of them finally turn cautious.

Suddenly I'm the one taking the chances and you turn cautious.

When the professionals turned cautious, there was, more often than not, good reason for them to do so.

He said that some money managers who "have made 20 percent or so" in stocks this year now are turning cautious.

Now some worry that record markets can't last, but don't want to turn cautious too soon.

At the same time, consumers seemed to turn more cautious.

But the managers who run those mutual funds have turned very cautious and are sitting on much of the cash.

He took time last week to talk about why he has turned cautious.