Although he admits that timing the market is difficult, he suggests, strongly, that now is one of the worst times in history to buy stocks:
We presently identify market conditions as being in the most negative 1% of historical data based on the average expected return/risk characteristics associated with similar conditions, on a wide range of horizons ranging from 2 weeks to 18 months.
One of these troubling "market conditions" is valuation. Stocks are still very expensive when measured against normal profit margins.
(To argue that stocks are reasonably priced, or even cheap, you have to
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