12 Apr 2017 Jeff Ubben to return money to investors, citing market overvaluation ( Portfolio )

"The broader market context is explicit to us. The S&P 500's median P/E ratio is 18 times. For most high quality companies we follow, it is much higher."

"While it has been more difficult than usual to find opportunities that meet our investment criteria, we have not relaxed our discipline and have been working hard," he wrote. "Our decision to return capital is largely based on our portfolio's construction over the past two years."