Portfolio managers wait for the next fall
After their their new found love for cyclicals, portfolio managers have again jettisoned stocks from these sectors. But only for the short-term.

Things are looking rosy now, but may change later
The balance between intrinsic worth and the market price one is willing to pay. The market price itself is a function of the availability of quality equity and the funds chasing them. And the way everyone chased Larsen is proof that there is not enough quality stock around.