p/e ratios over last 26 years.

P/E ratios over the last 26 years, show current value in the market relative to past times. Sometimes we need to look at the market history to gain a sense of where we are currently.
Dec. 1982 ASX P/E Ratio 9.90
Dec. 1986 14.26
Dec. 1987 12.05
Dec. 1990 11.00
Dec. 1995 18.88
Dec. 1998 25.24
Dec. 2000 21.25
Dec. 2003 22.59
Dec. 2006 14.81
Aug. 2007 14.18
Nov. 2008 9.53
Overall, P/E ratios now below Dec. 1982 levels, whilst lower figures are always possible, these current figures do show the best value in the market in the last 26 years.
Regards
Buffett
PS: Interestingly this market didn't crash from excessively over valuation & P/E ratios, but from outside forces at play.