Hussman: We're not the next Japan

The U.S. has been Japan for the last decade, John Hussman says.

Valuations in Japan took 20 years to come down. Here, "the price/peak-earnings multiple of the S&P 500 has plunged from a high of 34 to a recent trough of about 9," he said.

Bill Miller sees values almost everywhere

Bill Miller sees value everywhere, except in one of my favorite sectors--consumer staples.

Grantham does first TV interview--sees value, but he's still nervous

Long-term bear Jeremy Grantham, chairman of GMO, does his first TV interview with Consuelo Mack. (Broadcast 11-21-08). He says stocks are cheap, but not spectacularly cheap (which can happen). What we've seen is the bursting of the "first truly global bubble that ever existed." There's extreme fear especially in fixed income markets.

See Grantham's 3q08 letter to investors.