Here are a few interesting John Hussman Tweets from today.

On Valuations

Valuation Note: Shiller earnings = 6.3% of current S&P; revenues vs. historical norm of 5.3%. At normal margins, Shiller P/E would now be 29

On Institutional Unloading vs. Retail Buying

Institutions have never dumped more stock onto retail investors as they have in the past 4 weeks.

On Book Value (Re-tweeted by Hussman)
Chanos says more companies >3x book value now than March 2000.

Mike “Mish” Shedlock