-- On housing: Six months of data is not enough to confirm the trend. Housing may or may not grow in leaps in bounds.
-- He thinks current housing trend may have some seasonal bump as well.
-- Needs more data points to confirm if housing is on the mend, so don't get excited about it yet.
-- Even if housing has come back do not expect more than a 1% to 2% increase in house prices which is not exciting at all.
-- On U.S. stocks market outlook and earnings: P/E appears to be low but it is not if you compare today's price to average earnings for last 10 years.
-- Earnings are mean reverting and people don't understand that. That is why he has his own Shiler P/E index.
-- Earnings with current pace and latest numbers are not sustainable and historical trends suggest they will come down to revert to their mean.
-- Based on his own P/E, he thinks the market is overvalued.
Credit and source: www.cnbc.com, CNBC
Here is the video: