Interesting point of view: “Right now,” remarked Carl Icahn, “the market is giving you a false picture. The market tells you that you are doing well, but I don’t think a lot of companies are doing that well. They are taking advantage of very low interest rates. So, obviously, you don’t have to be a financial genius to understand if I can borrow at 3 percent or 4 percent and buy assets maybe my own stock that is yielding 9 percent, 10 percent, or 11 percent, I am going to make a lot of money. In one sense or another that is what is going on . . . I do think at [the market’s price-to-earnings ratio] of 17 that you have to be pretty well hedged.” I agree, S&P 500 with P/E 17 is not a bargain by all means. More on Bloomberg http://www.businessweek.com/articles/2013-09-24/investors-are-buying-high-yet-again#r=rss