Listening to a half a dozen “Giants of Investing” at a conference recently I could hardly hold back my scoff when one very notable money manager pointed out that according to the current comparatives of the P/E on the S&P 500 (INDEXSP:.INX) “It’s cheap relative to everything it’s the only market that hasn’t really risen to new heights.” When asked about current valuation he replied that “It is really really interesting. I hate to say how cheap it is.” This is where I almost fell out of my seat. Out of what fantasy land could these fundamental experts and ...