Dear Reader,

It’s been too long since we’ve heard from fund manager John Hussman, one of the most disciplined and data-driven investors I know of. I’ll rectify that today by sharing John’s latest insightful market commentary with you.

In what follows, John explains why the US stock market is even more expensive than common metrics suggest. He also discusses an important but often overlooked distinction: the difference between an overvalued market that’s likely to continue grinding higher, and an overvalued market that's prone to crash.

Dan Steinhart
Managing Editor of The Casey Report