How to know when your stocks are cheap or expensive?

As a humility exercise, do the following tomorrow:

Imagine the market closed today at 4 pm and you sold all your stocks at the screen price.
If you were up, you realized the gains. If you were down, you accepted the loss. Your portfolio is now flat. 100% cash.

The next day, you open an Excel spreadsheet and rebuild your portfolio from scratch. You must choose the best stocks based on risk and expected return, according to your own criteria and objectives.

With no anchoring whatsoever, would you still buy the same stocks you owned the day before?

That question alone tells you everything you need to know.

$TOTL $CASS $IPCC