This was the headline in an article in Advisor Perspectives by David Rosenberg, Chief Economist of Investment Advisor Gluskin Sheff
He wrote:
The bottom line is that when we get to single-digit P/E multiples and a 5-6% dividend yield, we will be at levels that will touch off a new secular bull market and we are more than prepared for that eventuality. At that point, sentiment will be completely washed out, as it was in 1982, all the cheerleaders who failed to see the 2007-08 collapse and the new paradigm of frugality will be out of a job, and political change will have occurred.
Does not look like we are there quite yet.
