Fortunately, the Big Board contains a quotient of intrinsic value embedded in tangible corporate assets, then average earning power cycle to cycle and dividend paying capacity.

FORBES: What $100 Got You In 1954: Lessons In Art And Growth Stocks

In cyclical sectors like steel, coal, copper, or even aerospace and oil I can model average earning power over a full cycle or even use a discount table on assets in the ground.

FORBES: Apple Ain't The Next Polaroid

Last week, it felt as if this scenario was beginning to be tested as investors seemed to begin to value stocks not on recession earnings, but rather on normalized earning power over the next recovery cycle.

FORBES: Manic Depression To Normalization