For the past year, whenever someone has decried that the bull market has run forever and there's nothing cheap out left to look at, I would always respond with, "I don't think that's true. Most of the legacy media stocks (CBS, FOX, etc. disclosure: I have a small position in CBS) are trading at 8x P/E or less. The car companies (GM, Ford, etc.) are trading for 5-6x EPS. Most mega-cap banks (WFC, JPM, GS) are trading for small premiums to book and 10-12x EPS. I'm not saying any of them are undervalued, but they are certainly cheap, and I wouldn't be surprised if there's value in one of those sectors somewhere. Either in a 'baby thrown out with the bathwater' situation (i.e. the whole of the legacy media sector is worthless, but one or two of the stocks within the sector is a gem) or just a whole sector has been discounted."