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Ghost of Igloi
RE: Down goes the Dow
smarter,

I have posted a link to an article by Ted Berg, of the Office of Financial Research, Department of the Treasury, entitled "Quicksilver Markets." Go to page three where there is a description and charts for CAPE 10, Tobin's Q, and the Buffet Indicator. In December of 2014 each were near 2-standard deviations above the normal equity valuation level, which by definition would support my view. Furthermore, since that time most of these valuation extremes have been extended as the market has moved higher and fundamentals have declined.

https://financialresearch.gov/briefs/files/OFRbr-2015-02-quicksilver-markets.pdf

I fully expect you to remain a doubter, but your skepicism should be supported by data.

Igy

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