I've mentioned this in other threads, but while the overall stock market (like VTSAX) is at an all time high, not all industries are. I'm newer to investing, but see with what you're saying. For that reason lately I've been investing into some individual major oil companies as well as VGENX. I had a pretty good sized emergency fund I needed to start investing. Oil prices are at a 7 year low, and stocks are way down as well. I feel far better dumping money into VGENX right now than my VTSAX. My VGENX isn't planned to be as long term as my VTSAX, but for the next few years I feel more confident with it.
Don't take my word on it, and I'm far from a professional. Just some advice to look into, for at least some diversity in your investments. About 20% of my investments right now are in energy/oil&gas.