Numerous Wall Street "experts" have repeatedly told investors over the past five months that stocks are "cheap" and that individuals should therefore add new money to their investment portfolios.
For example, in early October the S&P 500 Index was trading at around 1,540 and the price-to-earnings ratio (P/E) for this common barometer of stock market activity was around 18.2.
At that time, I heard several investment bankers and mutual fund portfolio managers tell investors that stocks were undervalued and that the pullback in stock prices was a normal "correction."
Stocks trended lower in December and the P/E ratio for the S&P 500 fell to around 17.5, yet those same "experts" told invest | 
