It's true, as you say, that no one can say which way the market will go, or when.
But one can look at the market--whether it is a market of stocks, bonds, real estate, Cabbage Patch Dolls, gold, silver, or whatever, and make some judgment as to whether the present price level reflects what the thing for sale is actually worth.
In terms of their long-term returns of real earned wealth, stocks in general have been overpriced for several years. In my view, they are about as valuable as a title of nobility was in 1789 in France. Or make it, 1788. Off with their heads! |
