Check out this video of Schiff in 2002.
http://seekingalpha.com/article/1068...hiff-right-now
"My prediction is that the Dow will go to 2000-4000. Maybe even lower than 2000 and that the NASDAQ will go to 500.
Anyone wanna jump on board with that one? I don't think it will happen.
Warren Buffet in a recent statement tells us the market is extremely undervalued right now at DOW 8000. Buffet tells us specifically that the way to value the market as a whole is to compare GDP to the market cap of all domestically traded company. He tells us that this method is "probably the best single measure of where valuations stand at any given moment". And by this method the market is severely undervalued.
We've heard similar statement from Marty Whitman, Ron Barron, Wally Weitz, etc etc