Igy, i think this encapsulates a shortcoming in your reasoning and what aggravates many here. Simply put, you seem to not understand that an investment that has risen precipitously over a given timeframe is an asset, not a liability, even if it is overvalued. You say ". I will be here when all your gains are wipped out and then some". What would be more accurate is "I will be here when the stock's gains are wiped out and then some..." Point being, a person who holds a stock (or stocks) that have gained significantly has the option to sell and take profits, but the person who never bought it or other growth stocks does not have that luxury. Clearly, the former is in the more advantageous circumstance.
I believe this fundamental unwillingness on your part to acknowledge that participants in growth sector of the market over the last 3+ years have made out quite well and now have the freedom to take profits, push their luck a little longer, or ride it back down, are in a far better off position than ones who have not participated (or who have participated only minimally through treasuries, etc.).