"In any event, on the basis of valuation measures that are actually well-correlated with subsequent market returns, current valuations are now at or beyond the most extreme points in a century of market history, save for the final approach to the 2000 peak." http://www.hussmanfunds.com/wmc/wmc131014.htm10/14/13
http://www.hussmanfunds.com/wmc/wmc131014.htm 10/14/13