A value investor would not have bought a broad market index in 1999, where the P/E-10 was, IIRC, somewhere around 40! I have to say I'm not particularly intere

A value investor would not have bought a broad market index in 1999, where the P/E-10 was, IIRC, somewhere around 40! I have to say I'm not particularly interested in discussing this with someone who thinks the classic value investing paradigm is comparable to buying and holding an index at the worst possible time.