Fundamental Valuation: How Low Could We Go? [View article]
It doesn't make any sense to look a price vs. book without interest rate context. For example, today risk-free long Treasuries are yielding half what they were in the early 1980's. Hence all other things being equal, current PE ratios could be twice what they were in the early 80's without being particulary out of wack.
Fundamental Valuation: How Low Could We Go? [View article]
Hedge Funds Eat Their Young [View article]