From Pragmatic Capitalism:

Richard Russell's latest letter is something that most investors can probably sympathize with to some degree. While it's clear that the equity markets are in the midst of a bull market, it's less clear whether now is still a good time to be buying. Russell, while acknowledging that this is certainly a bull market, prefers not to be overweight equities for one single reason – the values just aren't that good:

"So is it really a bull market? I think it is. Then shouldn't we be up to our necks in stocks? I choose not to be, mainly because I don't like the values. Dividend yields are low in my estimate, and I’m in no hurry to rush into the arms of an anxious and waiting Wall Street.

"I know that the potential for great and safe profits in the stock market are created when one buys stocks when they're on the "bargain counter." When the Dow's dividends are...

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More from Richard Russell:

Richard Russell: It's time to buy silver again

Richard Russell: Two big reasons to worry about stocks

Richard Russell: "Surging gold tells the world that something is terribly wrong"