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I don't really buy the overvalued/undervalued arguments. As far as I tell the market value is mainly based on corporate profits, market sentiment, worldwide stability, and sometimes freakish events such as QE.
Buy gold and swallow it! You can pick it out of your feces when the coast is clear.
The market is always correctly priced, because the market is infallibly correct.
If it goes down 50% tomorrow, efficient market theory will say that is the correct price.
If you think this is circular logic, you are a Keynesian Marxist.
"Stock Market Is Overvalued By 100%" Says John Hussman in Chris Martenson Interview; Financial Repression Revisited
http://globaleconomicanalysis.blogspot.com/2014/11/stock-market-is-overvalued-by-100-says.html
Mish
#investing