In 1901, steel magnate Andrew Carnegie sold his entire empire to JP Morgan for $480 million – a sum he had scribbled on a piece of paper and that Morgan did not haggle over. Should he have departed with his business and if so, was $480 million all he could have gotten out of the insatiable banker. When discussing the possibility for continued rotation into stocks or the lofty levels of the S&P currently relative to recent years, it is important that we consider the Seller’s Dilemma. This is the reason stocks are now trading at an average multiple of 14 (vs the discounted one they may deserve given the lackluster economy). Carnegie was faced with a “dilemma” of sorts – having sold out of his stake, now what?