Market 1929 - 1998

"The Higher Yield, the cheaper the price; the lower the yield the higher the price"

Market: P/E 7 (Cheap) --> 14 (Average) --> 20 (Expensive)

Market: P/B 1 (Cheap) --> 1.6 (Average) --> 3 (Expensive)

Market: Yield 7% (Cheap) --> 4.5% (Average) --> 2.5 (Expensive)

Bull Market - Growth beat Value

Bear Market - Value beat Growth