Brian Rogers has managed the T. Rowe Price Equity Income Fund since its inception in 1985, and he celebrated his 20th anniversary as the funds manager in October, 2005. This is his commentary on the stock market: I feel that valuations are reasonable. Its tough to make a case that the overall market is priced at very inexpensive levels. With multiples around 15 to 16 times next years earnings on the S&P 500, its not an inexpensive climate, but its certainly not an environment characterized by a lot of overvaluations. There are some companies that are very expensive, but when you look at things in aggregate, valuations appear okay. I think one of the things that will help the market next year is that at least were not in a position like we were five years ago, when market multiples, instead of being 15 or 16, were more in the mid- to upper-20s."