Latest Hussman - Must Read, As Usual
"This is why measures that extend beyond the S&P 500 – like the market capitalization of equities / GDP (based on Federal Reserve Z.1 Flow of Funds data) are worse than in 2007 and are approaching the records seen in 2000. It’s why the median price/revenue ratio for S&P 500 stocks is now higher than at the 2000 peak (and is nearly as high if one uses enterprise value/revenue instead of price/revenue). It’s why Value Line now reports the lowest median 3-5 year appreciation potential among all of the stocks it covers - lower than 2000 and 2007, and every point back to the 1960’s."
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