Are Stock Markets Near 'Dangerous Territory'? Q&A With Bill Nygren H/T Dataroma ........................ This interview has been edited for length and clarity. How do you characterize the market we’re in now? And how are you navigating it? Bill Nygren: When you think about where we are now in the market, go backward. The market has increased by 2.5 times from where it was six years ago. So if you thought it was at an appropriate level six years ago, then it’s easy to conclude that we must be abnormally high now and in dangerous territory. Our view six years ago was that we had a buying opportunity. We went from a period where we had very low price to earnings ratios on very low earnings... More