Stocks are not cheap, writes John Hussman, warning of the Street being "lulled into complacency"...

|By:, SA News Editor

Stocks are not cheap, writes John Hussman, warning of the Street being "lulled into complacency" by record profit margins, and by comparison to the valuations during the late-90s bubble. Tossing both aside, he finds the S&P 40-70% above valuation norms, roughly the same level as reached at the beginning of the 1965 secular bear market. (see also)