Bespoke has provided some great graphs to help illustrate whether stocks are 'cheap' down at these current levels....
Valuation techniques should differ depending on what sector/industry you’re analyzing. For example, with utility stocks it might be appropriate to use a price to book ratio; whereas using the same valuation technique on tech stocks would not make any sense.
Price to earnings is a generally accepted valuation technique that when analyzing sectors on a whole, can be quite useful. Bespoke has done just that in the following analysis:
http://bespokeinvest.typepad
Friday, April 25, 2008
Sector valuation
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