S&P Normalized valuations are already in the zone that have defined many important bull market tops.
Mar
04
2011
Valuations: The Good And The Bad
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![Doug Ramsey / Chief Investment Officer & Portfolio Manager](https://leuthold.imgix.net/leutholdgroup.com/site_files/authors/DSC_3768_LR_Doug.jpg?h=150&w=150&fit=crop&fp-y=.15)