"S&P 500 Overvalued by 40%, Set to Fall, Smithers Says"

Bloomberg interviews economist Andrew Smithers, who called the correction in 2000. Smithers says U.S. stocks are 40% overvalued according to Shiller's cyclically-adjusted P/E ratio and the Q Ratio. Smithers says quantitative easing by central banks has fueled this asset bubble which won't be sustainable when that QE is reversed (HT: The Atlantic's Daniel Indiviglio).

Sounds reasonable to me.