Almost every financial page that I have read for the last 5 years has indicated that the Stock Market is overvalued. It probably was overvalued, because the Market has not really appreciated since 2001. No big surprises here!
The question is for all those sitting on the sidelines. How do you know when to buy stocks? - Clearly there is no euphoria, as almost no one is talking about how great the stock market is.
Could we move sideways for 10-15 years? Sure! But we could also move slowly up defying historical valuations (i.e. the bottom P.E. ratio could be 20 instead of 10)
If history does not repeat itself, maybe it won't as far as valuations go.
So the question for the Hocuses, How do you know when to buy, before your lifetime ends? And the bigger question - What if you're wrong? 
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