Subject: Re: Seth Klarman on CNBC
Klarman is complaining about stretched valuations using the market's P/E ratio as a metric. This is a backward-looking figure that is useless for predicting forward year returns and its particularly useless for valuing the growth stocks that dominate the index.

Why time the market? People in their wealth-building years should keep dollar cost averaging into an index fund every month. Especially if they have a 401K. People who are retired should have a majority allocation in an index fund plus an amount in cash or bonds that covers their living expenses for a few years.