The Chicago Fed Issue - The Chicago National Financial Conditions Index

We're coming out of this period where there was this way overdue correction in interest rates that had a profound effect on the growthiest companies in the market. And so it's been an interesting time to look in that, in that wreckage for a broadly defined sense of value. So if you have a software company trading at four or five times revenues, it might sound expensive compared to a widget company. But if you have 80 plus percent gross margins, and you believe that you should get to normalized operating margin of 20 to 30 percent,. It could be extremely attractive to buy a company at four times revenues or 5 times revenues.