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Ramsey, Forester: There's Value in Europe

Leuthold's Doug Ramsey, Ariel's Charlie Bobrinskoy, and Tom Forester of Forester Value give their take on current market valuations and where they are seeing value today.


Dorsey: Moving on to equity valuations, you guys [Forester and Bobrinskoy] are mainly bottom-up shops, you're [Ramsey] more of a top-down shop. But just before we get into specific stocks and process, any general thoughts on sort of market level valuations, high, low and fairly valued, indifferent?

Forester: The S&P is trading, call it, 15 plus or minus, and historically that's kind of middle of the range, if you will. It's not ridiculously cheap. Certainly, it's not 35 times like it was in the early 2,000s and whatnot. So normally we would be somewhat neutral to positive. Retail sales have been up. There has been a little bit of momentum going on in the economy. So normally that would be good for us.

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Pat Dorsey does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.