Medley & Brown, LLC

Financial Advisors

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"U.S. stocks look cheap on a historical basis - especially when compared to U.S. Treasuries, says Tobias Levkovich, Citibank's chief U.S. equity strategist.  The spread between an 8% S&P 500 earnings yield - that's the inverse of the P/E - and the 2% Treasury yield is near levels that in the past preceded big rallies for equities."

Barron's

December 19, 2011