Selective Investments now onwards

At this point in time, I have cancelled all my SIPs. This is for two important reasons. Markets are too volatile and I want to wait and watch for next few months. I know that equity investments are for long term and such risks get significantly reduced over a period of time but my concern is that Indian bourses have become too volatile recently and I am not sure if I understand the 'irrational exhuberance'.

Secondly, for a more important reason, as I read Peter Lynch, I am transforming myself and learning new ways of looking at securities to gauge the potential of becoming multi baggers. More I read, more I learn. More value I see around. Even in today's scenario when most normal individual think that Sensex valuations are running ahead of performance. So I am very selective and I am investing only in those stocks whose business I understand. Thank you again Mr. Lynch. I am invested in very limited stocks so that I can track them effectively thru tools like Google alert.

I am currently reading Reminiscence of a stock operator by Edvin Lefevre & Beating the Street by Peter Lynch.