H edge fund manager Stanley Druckenmiller, who has been referred to as "The Greatest Moneymaking Machine In History" says:

if-- I thought rates were going up-- I would short bonds. It's not a reason to short stocks. The reality is if you look at the metrics that historically move stocks, for today they're priced appropriately

That's from an interview he gave to CNBC, with the full transcript here: CNBC Transcript: Duquesne Capital Management Founder Stan Druckenmiller Speaks with CNBC's Kelly Evans on "Closing Bell" Today:

KELLY EVANS: stocks at these levels, given the historic rally entering now maybe its seventh year, that all of that is fundamentally justified?

STAN DRUCKENMILLER: I don't really know what fundamentally justified means, Kelly. Markets are what they are. By historic fundamental measures we are extremely high. Stock markets and GDP, which I know is one of Mr. Buffett's favorite measures, is probably the highest it's been in the last hundred years with an eight-month exception around the 1999-2000 period.

Price-to-earnings are 17 times, which doesn't sound so bad, until you realize we have record margins and we have a dollar that's been strong. So you're going to get a headwind there for earnings next year and obviously zero interest rates with all sorts of financial engineering Olympics going on. So stock prices are high by historical measures.

Having said that, we have the most aggressive monetary policy we've had since the founding of the Federal Reserve in 1913. So stock prices should be high. So if you look at stock prices relative to rates, they're probably exactly where they should be. Now, some of the bears will argue, "Well, rates are going to go up." I can't-- if I believe that, fine, short bonds. Stock prices--

KELLY EVANS: You don't believe that then? You don't believe rates are going up?

STAN DRUCKENMILLER: I may, or I may not. What I'm saying is if-- I thought rates were going up-- I would short bonds. It's not a reason to short stocks. The reality is if you look at the metrics that historically move stocks, for today they're priced appropriately.

The transcript is ungated. Recommended reading.