"I ran some cross-market analyses of stocks in 2006 when I was working at a financial software startup. I found that basically everything was overvalued: there

"I ran some cross-market analyses of stocks in 2006 when I was working at a financial software startup. I found that basically everything was overvalued: there were no values to be had in the stock market at that time." I guess you weren't looking at special situations/event driven investments were you? Because I know plenty of people who did well during that year taking advantage of inefficiencies like spinoffs, merger arb, and cap-structure arb, and so on... these are typically the types of investments that Buffett refers to when he said that if he was managing 7 figures he could do 50% a year.