Clearly Buffett believes stocks are cheap, and Eddy Elfenbein's numbers back him up: The P/E for...

|By:, SA News Editor

Clearly Buffett believes stocks are cheap, and Eddy Elfenbein's numbers back him up: The P/E for the S&P 500 slid to 12.1 at the end of last week - lowest since May 1989 - and, for now at least, a mere 10.6x next year's earnings.