Want to know someone who searches for the deepest value in investing? look no further than Arnold Van Den Berg. In his letter to shareholders released today, he explained that due to the elevated market valuations, he found limited opportunities to buy undervalued assets. He has only 18% of his fund in stocks! His analysis shows that asset prices remained expensive relative to their intrinsic values, as investors chased yields in hopes of capturing higher returns with little regard to the risks incurred. For his comment in current market situation, he refers what Winston Churchill once observed, "The further back you can look, the farther forward you are likely to see." Judging by the widespread investor complacency throughout this past year, many appear not to have looked back far enough to appreciate the lessons of risk versus reward.