I agree there is value in individual well selected stocks, but you need to consider as we go into (are in) recession that multiples will contract as earnings decrease making the current P/E a less reliable indicator. The fact that many corporations are light on debt with strong balance sheets is one of the few things this economy has going for it, but as consumers pull back with the loss of wealth effect (housing & Stocks) and increasing costs (gas, food, borrowing) the corporations won't have enough customers to buy their products.

Your posts remind me of a response I got a couple of months ago from Chris McCandless saying there was absolutely no reason to fear a recession, LOL