Charles de Vaulx: "Based on a price-to-cash flow basis, Europe and Asia are around 9.5 times, verus 12.5 times, roughly, U.S. At 12.5 times, the U.S. is not cheap by historical measures. We are very much valuation-driven, as opposed to outlook-driven. Not that the outlook seems very rosy, by the way, but it is more because of valuation... In the past 12 months, insider selling has dwarfed insider buying by a ratio of 20-to-1. when I look at the kinds of companies that are doing insider selling, it is pretty much across the board, and that's not encouraging..."
http://webreprints.djreprints.com/1377150593614.pdf
http://webreprints.djreprints.com/1377150593614.pdf
