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http://www.nytimes.com/2005/05/08/business/yourmoney/08fund.html
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Clifford S. Asness, managing principal at AQR Capital Management in 
Greenwich, Conn., relies on a different P/E ratio, one made famous by 
the Yale economics professor Robert J. Shiller, and finds that stocks 
are still historically expensive.

Mr. Asness has taken the current price of the S.& P. 500 and divided it 
by the 10-year average of trailing corporate earnings. By that measure, 
the S.& P. trades at a P/E of around 26. With the exception of the late 
1990's, the last time the market was this expensive was in the years 
leading up to the Great Depression.

Many investors may not want to hear that.

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    -Fred Chase  (Frederick N. Chase)