One tool for putting valuations into perspective is the market's earnings yield.

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They trade at an average of 8.9 times the past year's earnings with a dividend yield of 3.6%, versus 13.8 times earnings and a 2.3% yield for the U.S., according to MSCI.

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Wall Street's aggregate earnings yield is currently about 3%.

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It's had a tremendous move since March, but that's only because it was trading at five, six times earnings with a yield well north of 6%.

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Searching all the U.S.-based large-caps for shares that have an earnings yield above 6% and a PEG of less than 1 produced a list of 33 solid possibilities in a variety of sectors.

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Tour Eiffel has a 5.7% earnings yield, a full percentage point greater than the French ten-year, whereas U.S. REITs average just a half-point over the ten-year T note.

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