Ignore This S&P 500 Projection At Your Own Peril!

Via John Hussman's August 15, 2016 note titled "The Decade of Zero and its Chaotic Unwinding" at HussmanFunds.com: (emphasis mine)
The most historically reliable measures of market valuation (those with a correlation of 90% or more with actual subsequent 10-12 year market returns) currently project a likely S&P 500 nominal annual total return averaging just 0.9% over the coming 12-year period, with negative total returns at shorter horizons. As I detailed last week in Morton’s Fork, this outcome is likely to emerge almost regardless of the rate of economic growth and the level of interest rates over the coming decade. On a cyclical horizon, we continue to expect the present market cycle to be completed by a 40-55% decline in the S&P 500 Index; an outcome that would be historically run-of-the-mill from current valuations. The chart below presents the ratio of nonfinancial market capitalization to nonfinancial gross value-added, on an inverted log scale (left, blue) versus the actual subsequent 12-year S&P 500 nominal average annual total return (right, red).
(Source: HussmanFunds.com)