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Commentary

17 Scary Numbers From the Fourth Quarter

There were plenty of disconcerting statistics during the last three months.

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The fourth quarter of 2012 was dominated by several big news items such as the election and the fiscal cliff, and despite some bumpiness around the way stocks ended the quarter, little changed. In fact, stocks were solidly higher for the year. But as implied by the volatility in the market, there were still plenty of things to draw investor concerns. Every quarter, I take a look at some scary numbers that jumped out at me. Here are some notable ones for the most recent three-month period.

1.00: Price/fair value ratio for all stocks rated by Morningstar's analysts. Stocks as a whole are fully valued, meaning investors aren't getting a margin of safety to protect themselves if anything goes wrong. Not a reassuring thought. 

Bearemy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.