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They were using the auction as a way to get in at cheap levels".
"Both got to unrealistically cheap levels, so half of the outperformance was just coming back to reasonable levels," he said.
As a result, many well-known old- economy companies are trading at relatively cheap levels, while some Internet stocks are valued much higher.
In midafternoon, as the market was bottoming, professional investors said that even though some stocks appeared to have fallen to compellingly cheap levels, they were having a hard time buying.
Everything, from bank loans to investment-grade bonds to less-than-investment-grade bonds, is priced at extraordinarily cheap levels".
Former Morgan Stanley strategist Barton Biggs, who once graced the cover of FORBES in a bear suit, joined the buy-now crowd in October as well, declaring: "We're at very, very cheap levels".
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When Monday began, shares of some blue-chip companies were at their cheapest levels in years.
Some yields are now at their cheapest levels in at least two decades.
What is the case for investing in Japanese stocks? A. Japanese stocks are now at their cheapest levels since the mid-1980's.
The study by the Economist Intelligence Unit found that British cities have dropped to their cheapest levels internationally since at least the 1990s.
"Some people are starting to throw in the towel on equities," said Bruce Alston, whose $320 million Value Line Asset Allocation Fund may sell bonds, if prices rise much more, to lock in gains and to reinvest in stocks at cheaper levels.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com