If someone believed that the US stock market is 40% overvalued compared to its long term average valuation, then would it be prudent to sell most of your US stocks, and wait for a better entry point? Even if that entry point might be 5-10 years away?

FWIW, Of all the hundreds of stock tips and investing advice Jim gives us, hearing him say stocks are 40% overvalued seems to be the most important.

There is another guy that thinks this way. Prem Watsa. Maybe it is time to "sell it all" and buy a certain Canadian stock.