They are already the sufficiently cheap actions like buying? Buenos Aires, Argentina 9 of March of 2008 It is enough to watch the indices of the bags of the United States to give account us of which for a month they are bearish acceleration in the heat of. The S& P 500 lowered a 7% in the week that happened, a 24% in the year and a 56% from their historical maximum in October of 2008, Dow Jones Industrials lost a 6%, a 24% and a 53% respectively, and the Nasdaq Composite lost a 6%, a 18% and a 55% respectively (its historical maximum was the 10 of March of 2000, the top of the bubble dot com). " The actions are beginning to see baratas" , it indicates David Leonhardt of New York Times. It is so thus? We must release to us to buy after so many calls bankrupts in that more from an investor one became to bury? At the moment price-earnings ratio (P/E, ratio price-gain, that is to say the present price of the action divided by the annual dividends, which gives the years in that the initial investment through payment of dividends recovers; a standard gauge of valuation of an index or company) of long term (the ratio of 10 years of corporative gains) of the S&amp index; P 500 have lowered to 12. Being that the historical average is of 16, the market as far as gains of companies seems to be then depreciated in a 33%. The author of the book " Exhuberancia Irracional" , Robert Shiller, indicates that the times that the EP ratio has been between 12 and 13, the actions have duplicated his value in the following decade, in average. When the ratio has been between 15 and 20, the actions have raised a 50% in the following decade. . For more information see this site: Monty Don.