Sorry for the gloomy title, but here is a great FT.com interview with Russell Napier (w/ a link to part 2), author of Anatomy of the Bear. Here, Napier discusses how secular bear market lows can often be identified by looking at Tobin's Q ratio, along with cyclically-adjusted P/E ratios. In part two, Napier offers his views on the efficient market hypothesis and a forecast for a 'cataclysmic' bear market to come.
For those who'd like to know more about Russell Napier and his views on bull and bear market cycles, please see our post, "Anatomy of bear markets", where you will find an article by Marc Faber discussing Napier's work and a 2006 interview with Napier on the Financial Sense Newshour.
