That stocks in both New York and London seem close to full valuation.

FORBES: The Next Bull Market May Be Where You Least Expect It

Fried's investing style is value-based and his holding periods tend to be for at least one year, or until he believes the appreciation in his investments reflects full valuation of a company's shares.

FORBES: Sexy Lingerie, A Fat Dividend And A Buyback

Just before Ross was supposed to report same store sales, a sell-side analyst came out and downgraded the stock saying that it was at full valuation with no catalyst to move the stock forward.

FORBES: Investing In Value Creating Opportunities