I came across this today and I’m still digesting it. Bill Gross, in his monthly epistle, opines on the relative value of equities and why they aren’t as cheap as many think.

I have a post I started before this miserable flu bug hit and hopefully will finish this week. Essentially, I agree with Gross that the concept of valuation has to be radically adjusted to the brave new world we seem to be heading towards. Enjoy his thoughts and leave yours if you think he’s off base.