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>>But as a value investor, what are some ways to determine what a large-cap
stock's price should be at? In other words, how do I tell if IBM's stock price is undervalued right now? Is there a method or
calculation that would tell me that $89 (for example) is a fair price for their stock? Any help would be appreciated!!! >>

Sorry for the late reply. I haven't visited the board in several weeks. I really like the explanation of how Warren Buffett does in Buffettology. I think it is just what you are looking for.

There is a nice spreadsheet that can be downloaded at the American Association of Individual Investors site that is useful. I've modified it and really like it.
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