#39: John Hussman On Navigating One Of The Most Overextended Stock Markets Of All Time
Superinvestors and the Art of Worldly Wisdom
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The Importance of Valuation in Long Term Returns
I'm very concerned about the fact that our measures of internals have deteriorated recently. If they improve, I go back to a neutral outlook at these valuations anyway. Strong valuations, favorable market action, very aggressive. You can be constructive, but you need safety nets. Extreme valuations, extreme overvalued overbought over bullish conditions and breaking market internals. Yikes. And unfortunately, that's where we are right now.
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