Thanks for the mentions Jon. The trouble with the big blue chips is that they've continued to be bargains for a long time now. Wal-Mart, Microsoft, J&J are more or less flat over 10 years. Their earnings have grown but valuations have been dropping relentlessly. I suppose they'll have their day in the sun sometime but darned if I know when.
Well, those stocks were very
expensive 10 years ago.
From MSN.com, in 2000 ...
WMT had a P/E of 40, P/S 1.5, P/B 9.45
JNJ had a P/E 33.8, P/S 5.2, P/B 8.2
MSFT had a P/E of 53.5, P/S 19.3, P/B 10.2
WMT has a P/E of 14.3, P/S 0.46, P/B 3.0
JNJ has a P/E of 12.3, P/S 2.5, P/B 3.5
MSFT has a P/E of 12.9, P/S 3.5, P/B 5.8
As you say, they may, or may not, be bargains currently.