Excerpt from the article/interview:
"Every sector of the S&P [500] needs to come to a single-digit multiple before it signals a market bottom," Bierman wrote. "Semiconductors, oil, and retail (in certain parts) are there. Consumer staples - not even close."
He pointed to Coca-Cola, a favorite of Warren Buffett's that Bierman views as overvalued because its trading at a 26 multiple, a level misaligned with its earnings and revenue.