Kevin Smith, chief investment officer at Crescat Capital, says the bear case for U.S. stocks has never been stronger” and it’s time for investors to be aware of the “gravity” of the current situation.

“We certainly did not predict the Coronavirus, but it may prove to be the catalyst to tip this market that is trading at truly historic valuation levels after a record long U.S. economic expansion,” he told clients in a note this week. “Median EV-to-sales for the S&P 500, based on our work recently reached an insane, euphoric level of 3.6 times, two times than the tech bubble peak.”