Bloomberg quotes Marc Faber as saying that US stocks are more reasonably priced than other markets after the recent fall in the dollar's value. When you read on, you find he means they're less outrageously priced, but still overvalued.
So where does he think your money should be?
"Faber recommended investing in "depressed assets,'' citing the Middle East market and the Detroit property market. He also said farmland in Argentina and Brazil is a good value and property in New Zealand and Australia may be a sound investment because of their proximity to China. [...] he has large positions in real estate and equities in Vietnam."