I'll play the devil's brother advocate. It drives me bananas trying top determine "value." I conclude that value is the price at which you can buy or sell or sell something, now, even a stock. I've seen stocks selling for $3 where the cash, cash equivalents and short term assets that could be sold quickly are worth $15...and nobody wants to buy the stock at $3. Crazy, but there it is. ESH, on this thread a week or so ago said something that made a lot of sense..."the world is awash in cheap dollars with nowhere to go"...it seems as if a good chunck of those dollars are going into stocks and bonds, especially US T-notes and bonds, despite the historically low yields. Again, it's a whacky situation, but there it is.
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