Valuations never got anywhere near low enough in 2009 for it to be the start of a secular bull...

|By:, SA News Editor

Valuations never got anywhere near low enough in 2009 for it to be the start of a secular bull market, argues John Hussman, and now are even worse than 1965 - which happened to be the start of a secular bear market. Bullish earnings expectations rely on a continuation of all-time high profit margins, a metric that is notoriously cyclical.