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U.S. market in bubble territory

“I’ve built an asset allocation model in which we compare forty different world markets and… when I look at all global assets on average, they’re fairly valued. There’s nothing much to worry about. But within the matrix, there are one or two markets which are frankly expensive. And it doesn’t matter whether you use the Shiller P/E, the Forward P/E, Tobin’s Q; however you stack it up, the U.S. market by its own historical standard is expensive now. In fact, you could say it’s quite well into bubble territory.”

Not time to sell yet; possible bear market in 2016-2017

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