Latest Hussman

Despite what people think, stocks are expensive,

"The most richly valued bull market peaks in history, using the Shiller P/E as a shorthand measure, were: 2000 with a Shiller P/E of 46, 1929 with a Shiller P/E of 39, 2007 with a Shiller P/E of 28, the post-crash rally peak of 1930 with a Shiller P/E of 26 (a temporary reprieve from the 1929 low, followed by the true collapse), and the recent peak in May 2013, with a Shiller P/E above 24 – not that it’s certain that the May peak was a bull market high. Each of those prior peaks was followed by a bear market loss of well over 40 percent."