I've been pessimistic about the equity markets for a long time. If you had followed my advice from last year, you'd have partially missed out on a long rise in stock prices. :-(
At this point, Irwin Yamamoto agrees. He has many reasons, listed here, but the best is this:
With all the frenzy, mania and froth, Wall Street failed to take note of how corporate insider selling has increased to its highest pace in 20 years.He recommends going all cash (plus maybe shorting the market), but I don't think I'll go that far.
Also, see this in The Economist, which points out that margin borrowing is at its highest ratio since the 1920s.
[h/t to Jack]