Stocks: A time to buy?

From Greg Mankiw:

Bloomberg reports:

Optimism about U.S. stocks among newsletter writers slid to the lowest level since July 1994.

Contrarians view this as good news. In this regard, note that 1994 was a pretty good time to buy stocks.

Let me add that the Morningstar Valuation Graph suggests stocks are currently the cheapest they've been since 2002. Buy low, sell high, as the saying goes.