Is There an Inherent Hedge Investing?

Do you think people just, they don't look at where they are in the cycle? Like looking at a current schiller pe ratio of 29 times after we've sold off a good amount. Do you think there's an inherent hedge investing that way when you're investing in an already frothy market? I mean, because people get so accustomed to what seems norm no,. without realizing that actually the past ten years, or whatever, the past five years have been very abnormal.