The last bubble

'' In my view, U.S. stocks are still not attractive.

Historically, you buy stocks when they're yielding 6% and selling at eight times earnings. You sell them when they're at 22 times earnings and yielding 2%. Right now U.S. stocks are down a lot, but they're still very expensive by that historical valuation method. The U.S. market is yielding 3% today. For stocks to go to a 6% yield without big dividend increases, the Dow will need to go below 4000.

I cannot imagine why anybody would give money to the U.S. government for 30 years for less than a 4% yield.''

By Jim Rogers