In 2000's first quarter, at the height of the Internet craze, Callahan's formulas assigned intrinsicvalues as little as half the market price to such popular stocks as Qualcomm and Motorola.
Nygren likes to buy stocks at a significant discount to their intrinsicvalues and is a big fan of share repurchases as opposed to stocks with above-average yields, as those currently tend to be fully priced.