I have 20k in my brokerage, mostly split between cash and VOO. I feel that valuations are unjustifiably high right now. The buffet index is 2 STD above historical trends and buffet sitting on 300B+ cash amid the AI exuberance. I'm considering parking most of my money in treasuries or a HYSA paying 4.5% while I wait for an opportunity to buy at lower valuations. The best idea I have of the current conditions is that it is similar to the 2000s bubble but I'm only 21 so I haven't experienced it myself.
Am I being irrationally fearful? I'm still maxing out my Roth for my long-term goals and will keep some in some crypto's I like for the upside. What's the best way to play it?