
I don't think so. At least, I don't believe you can have too much quality yarn. When I first started knitting, I was under the (mis)impression that one had to have a stash, regardless of what was in it. I shopped at Hobby Lobby, Michaels, and gasp! even Wal-Mart to begin a meager stash of man-made fibers in mostly solid colors. One of the first scarves I made for Robert was a black 2x2 rib. What was I thinking?
Anyway, over the years I've become much more discriminating in my yarn choices. Three years ago my LYS starting having annual sales, where it was a good time to stock up on yarn you'd need for the year's projects. I listened to someone I shouldn't have, and believed her when she told me that Cascade 220 was a good workhorse yarn for sweaters. I bought enough for 3 sweaters, made one, and discovered it to be scratchy, itchy, and not at all quality. It was a little better than what I could get at the discount stores, but not by much. A lot of the yarn I bought at the two prior sales I've culled from my stash if I didn't use it.
I've learned over the years that I am a true yarn snob. And that's okay. If you're not, no big deal, but I'm going to avoid yarns like Cascade, Plymouth, and especially Berrocco. My favorites are Wollmeise, Numma Numma, Malabrigo, Dream in Color, Socks that Rock, Tempted, Louet, and Madelinetosh. I've still got some random yarns in my stash, and I'll use them or give them away, but I'm not going to pad my stash anymore with yarn just because it's on sale.
This morning beginning at 6:00 a.m. was the 2010 annual sale, and I made a list and stuck to it. I purchased some Classic Elite Waterlily which I've used before and really liked, some Plymouth Baby Alpaca Grande (yes, I know I don't like Plymouth as a general rule, but this is the yarn called for in the Sideways Grande Cloche hat pattern, and it is alpaca, so I made an exception), and two other bulky weight yarns - most likely for chunky cabled hats like the Unoriginal Hat.
Now, if I could only wake up to start knitting something!
(BTW: the yarn in the photo did not come from my LYS. You can only get Wollmeise Lace-Garn from the Wollmeise herself, at The Loopy Ewe (on very rare occasions), or from another knitter.)