Ellicott City money manager John Hussman, in his weekly commentary published May 30.

Despite the "lost decade" since the extreme valuations of 2000, valuations are now presently at about the same level from which prior secular bear markets have just started. There is no basis to expect a secular bull until we observe the valuations from which they have invariably started. Meanwhile, the recent cyclical bull market from the 2009 low has already run the same duration and slightly further than the typical cyclical bull in a secular bear.

So from a secular, long-term perspective, my impression is that investors are very likely to observe much better opportunities to allocate capital toward equities at better valuations and prospective returns in the years ahead. The cyclical case is driven by a large variety of other factors apart from valuations, and we can't express equal confidence about shorter-term outcomes. For us, the appropriate strategy is to allow for windows of moderate opportunity within that fairly unfavorable long-term picture.