Check the P/E - stocks are 37% cheaper than they should be. Wait, no, they're too expensive by...

|By:, SA News Editor

Check the P/E - stocks are 37% cheaper than they should be. Wait, no, they're too expensive by 25%. Of course, it comes back to how you want to count things like operating earnings ("I want to know how much I made from widgets last quarter, not how I financed them") or forecasts that don't seem to be budging despite debt troubles in Europe and increasing red flags in the U.S.