Crescat Capital remains bearish equities with an emphasis on valuations, leverage and the Chinese credit cycle. The firm also maintains a bearish stance on crude prices.
Crescat Capital 3Q 2017 Investor Letter
On US equity valuations:
US large cap stocks are the most overvalued in history, higher than prior speculative mania market peaks in 1929 and 2000.
Chinese yield curve inverted:
Chinese property developers - warning sign?
And finally: China newly built property prices: