Points of ‘secular’ undervaluation such as 1922, 1932, 1949, 1974 and 1982 typically occurred about 50% below historical mean valuations, and were associated with subsequent 10-year nominal total returns approaching 20% annually. 

By contrast, valuations similar to 1929, 1965 and 2000 were followed by weak or negative total returns over the following decade. 

That’s the range where we find ourselves today.

John P. Hussman