Hussman: Exhaustion Gaps and the Fear of Missing Out

``... even using the 2000 extreme as our benchmark, the fact is that the most reliable measures of valuation (those best correlated with actual subsequent market outcomes in cycles across history) are actually less than 7% below their 2000 extremes, on average, and are already beyond every other market extreme on record. Moreover, because the most egregious valuations of the tech bubble were concentrated among a small subset of stocks, the median price/revenue ratio across S&P 500 components is already more than 50% beyond the 2000 peak, easily the highest level in history.''