He disagrees that this ratio will fall to previous bear market lows. (hussman.net)
He'd been burned in previous bear markets, and he'd steered clear of the markets ever since. (blog.fundx.com)
The ratio relays a similar message that other valuation metrics do: stocks are generally better valued than they were during the late 90's bubble and most years since, but the typical stock's valuation is still well above previous bear market bottoms. (hussman.net)