Mark Hulbert: These stocks haven’t been so cheap since 2000

Value stocks are now cheaper than ever — with only one exception.

That exception came at the top of the internet bubble in early 2000. Few investors remember that in the subsequent bear market, in which the S&P 500 SPX, +1.08% lost 49%, many value stocks actually rose in price.

Value stocks, of course, are those that are most out-of-favor among investors, as indicated by a low price-to-book ratio. They are the opposite of growth stocks — those that trade with the highest such ratios.

Among small-cap stocks, value is even cheaper relative to growth

Consider the spread between the valuations of the average growth and value stock.

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