Ted Oakley, founder of Oxbow Advisors, has issued a stark warning about an impending "generational" bear market, suggesting that US stocks could see a correction of at least 40%. Oakley criticized investors for overlooking opportunities in commodity-related and mining stocks, while focusing on overvalued sectors. He emphasized that current market valuations are significantly above normal levels, deviating by about three standard deviations, and a return to the mean could necessitate a 40% to 45% decline. Oakley anticipates this correction could span one to two years, rather than a brief downturn.