Stocks measured by prize earning ratios may not be quite as cheap as all the strategists claim

Marc Faber : The concept of valuation is very difficult when you have zero interest rates , I can make a case that actually the price of gold is still undervalued compared to say the mid 1980s when it was traded at $400/oz , so it is very difficult to say what is valued in this environment , is Picasso a good value or is it over valued ? I do not know , but stocks measured by prize earning ratios and considering that probably the economy will be weakening and that corporate profit may disappoint , may not be quite as cheap as all the strategists claim- in FBN