Median P/E today is 20 vs. 16 in January 2000
Median price-to-book today is 2.5 vs. 2.2 in 2000
Median price-to-revenue today is 1.8 vs. 1.4 in 2000"
We don't have the wacko, off the charts overvaluation
of the dot.com sector in 1999,
but we don't have the broad value as well
Everything seems expensive.
There's almost nowhere to hide.
It's very difficult to find [value]" in the market today.