1.   And he pays no attention to typical valuation measures like price-to-earnings ratios or book value.

2.   Any time you get a market making a big move, people tend to ignore valuation measures.

3.   As befits his iconoclastic stance, Loest disregards company earnings, growth rates, intrinsic worth and other commonly used valuation measures.

4.   A year ago, most stocks looked expensive by traditional valuation measures.

5.   All this explains why, by just about any valuation measure we use, the energy sectors are cheap.

6.   But his valuation measures signaled that the market was significantly overvalued.

7.   By some other valuation measures, stock prices long ago grew excessive.

8.   For among traditional valuation measures, it is only those that relate prices to earnings that do not show extreme overvaluation.

9.   He uses all the usual valuation measures, such as price to sales, price to earnings, and price to cash flow.

10.   His analysis also generates the hypothetical breakup value of a company, using private real estate valuation measures.