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Back in 1984, the stock market was actually BELOW its average valuation. The S&P 400 climbed above its long-term average of 1.7 times book value in early 1985 and hasn't looked back. 1984 was also the year that Mandy Moore was born. Benjamin Graham fans miss low stock market valuations like candy.

Forget Britney. I'm blaming Mandy Moore for the persistent above-average stock market valuations.

Hmm, Mandy Moore rose into the spotlight in 1999 with her hit song and music video "Candy". Yes, this is the video in which Mandy drove the bright green Volkswagen New Beetle. (If I were in the market for a Volkswagen New Beetle, I'd get a bright green one. I call the bright green ones the "Mandy Moore edition".) 1999 was also the year that the NASDAQ took off and I insisted that Britney Spears would have gray hair before the NASDAQ would reach 4300. I said the same thing about NASDAQ 5000. Then I repeated that about NASDAQ 6000, and I finally turned out to be right. (Of course, I probably just egged on the Blair Witch by saying this. Oops, sorry, that's another wacky conspiracy theory.)

Yes, the stock market mania is all Mandy Moore's fault. Warren Buffett should buy Mandy an Oldsmobile Delta 88 and an underground bunker in North Dakota. With Mandy Moore out of the spotlight, value investors can finally return to the Good Old Days of cheap stocks that they miss like candy.
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