We think that the Sell Side Indicator is perhaps the best measure of the "wall of worry."

我们认为，买方指标或许是测定“忧患之墙”最好的尺度。

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First, let's look at the Sell Side Indicator, which has been our most-reliable market-timing barometer (see following chart).

首先，让我们看看买方指标，该指标一直是我们最可靠的市场时序晴雨表(参看下图)。

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Although no longer apparent on the chart because of the dynamic nature of the model, the sell Side Indicator gave sell signals leading up to the bubble.

虽然由于该模型的动态特点而在图上不再明显，但是买方指标发出各种泡沫的销售信号。

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Significantly, non-food manufactured products inflation, an indicator of demand side pressure, rose sharply from 4.8% in January to 6% in February and continues to stay well above its medium-term trend.

FORBES: India Inflation Outlook Sours, Commodities Blamed; Real Rates Next to Zero

And if Andrew Strauss's men needed any further indicator of Ricky Ponting side's decline, the two defeats in India followed their defeat by Pakistan at Headingley, making it the first time Australia have lost three Tests in a row since 1988-89.

BBC: India storm to victory over Australia to win series 2-0

The flip side, of course, is that this indicator suggests bonds are overvalued on a relative basis.

FORBES: Low Rates Say Stocks Are Cheap- Earnings Season Arrives Again