With the market movements lately we found this research very interesting given the grief the markets have has over the last year. Given extremely conservative assumptions the S&P 500 is 14% undervalued, moderate assumptions 24% and reasonable assumptions the S&P 500 is 34% undervalued. Also worth mentioning, investors as a whole are usually wrong as they cash out at or near the worst possible time and on the other side of the equation, invest heavily at the top. JK
