Valuation Is in the Eye of the Stockholder

"Fast, cheap and out of control" isn't just the name of a recent documentary. It's also a pretty good description of the stock market. But just how cheap is the subject of a heated debate on Wall Street.

The bulls, of course, contend the market is dirt cheap after a 28-month shellacking. Nonsense, say bears, who note price-to-earnings ratios remain much higher than the historic average of around 14, no matter how they're measured. ...