Richard Russell is about a million years old and he says over and over again that great bull markets start when valuations reach extreme levels. That bit of knowledge along with your own research into historical valuations will make it crystal clear when great value is upon us in the stock market. We are still far from it...patience...it won't come in a day or a week or even a year, great value will build and build and build and from the period of overvaluation that we have seen for some three decades now it will take at least a decade of the stock market being undervalued before it is ready to take off in a new secular bull market.
--Fred
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