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"The stock market is at an all-time, but economic activity is not at an all-time," explains billionaire investor Sam Zell to CNBC this morning, adding that, "every company that's missed has missed on the revenue side, which is a reflection that there's a demand issue; and when you got a demand issue it's hard to imagine the stock market at an all-time high." Zell said he is being very cautious adding to stocks and cutting some positions because "I don't remember any time in my career where there have been as many wildcards floating out there that have the potential to be very significant and alter people's thinking." Zell also discussed his view on Obama's Fed encouraging disparity and on tax inversions, but concludes, rather ominously, "this is the first time I ever remember where having cash isn't such a terrible thing." Zell's calls should not be shocking following George Soros. Stan Druckenmiller, and Carl Icahn's warnings that there is trouble ahead.

Actually if you look at P/E ratio and similar ratios, the S&P500 is near historical averages in terms of these metrics. It's not overvalued like it was in 2000 and prior to other major crashes. The US market is at all time highs right now, but corporate earnings support these valuations.

A simple forecast of what corporate earnings will be with normalized interest rates shows their future.  These companies are all riding on low rates, just like the FED wanted.  That's going to come to a screeching halt.   

Why? When central banks finally decide to raise rates, they are likely to do it very slowly and gradually.

More good stuff...http://www.zerohedge.com/news/2014-09-03/icahn-soros-druckenmiller-and-now-zell-billionaires-are-all-quietly-preparing-market (http://www.zerohedge.com/news/2014-09-03/icahn-soros-druckenmiller-and-now-zell-billionaires-are-all-quietly-preparing-market)

then that would mean the economy would probably start sputtering a bit, which would reflect in the stock prices. my point is that artificial fed money and lower interest rates are in place in order to create an artificial "demand" which makes companies more valuable. the long-term trend is that the middle class is cratering, while the upper tier of earners is rising. weakening middle class = weakening economy = weakening stock market.

What evidence is there that the middle class is cratering?

In the US, we see income growth in all quintiles:

http://4.bp.blogspot.com/-FtTEeFBpYGU/USR5XQxb6rI/AAAAAAAAVB0/ABNMie4bTIw/s1600/Real+Incomes+by+Quintile.png

And in the developing world, we see hundreds of millions of people being lifted out of poverty into a new global middle class.

Why? When central banks finally decide to raise rates, they are likely to do it very slowly and gradually.

US stocks are in a secular bull market and they are going way higher.

The bubble has been blown, getting quite full and turgid.Just look at the S&P ramp 2009-Present. Those who get out at the right time make a lot of money.Those who don't get out get 2001'd or 2008'd.That is the game (401K/IRA crowd always lose).

The market has been overvalued for some time; the fact that they are all singing in unison now makes me wonder if they have some inside information on the direction of Fed policy.
It's much easier to time one's bets when one has a pipeline to the source. I'm speculating here, but you have to wonder.

Those who buy S&P500 and hold long term (> 20 years) have always done well, historically. Yes there are ups and downs along the way, but for the vast majority of people, trying to time the markets is a losing proposition.

Part of the way they con you citing "facts" such as bolded above is to never use inflation adjusted numbers.

Don't worry ..rehypothecation is like economic recycling nowadays.The world won't end anytime soon ;D

That statement is true in constant (inflation adjusted) dollars.

The current market price is always at "fair" value.

It is the fiat that is usually over or under value in the short term which cause asset price to fluctuate wildly.