John Hussman: Stocks are priced to disappoint for a decade

It's not hard to find folks who think stocks are way too expensive relative to their earnings prospects, perhaps even matching tech-bubble levels. But when John Hussman says shares are priced to disappoint, intelligent investors would do well to pay attention.

Hussman's hardly a household name, but the highly successful money manger's funds -- Hussman Strategic Growth (HSGFX) and Hussman Strategic Total Return (HSTRX) -- have delivered annualized returns of 8.6% and 7.9%, respectively, since their 2000 and 2002 debuts. (They're cheap, too: The growth fund's net expense ratio comes to 1.09%, while total return charges just 0.79%.)