It is pretty easy to find ridiculously low stock valuations in today's market, but here's an example of the value present in the current bear market. Valero Energy (VLO) this morning reported third quarter earnings of $1.86 per share, well above estimates. The stock closed yesterday at $15 per share, which gives it a P/E ratio of 8 based solely on one quarter's worth of earnings! Insane.
Full Disclosure: Peridot was long VLO at the time of writing, but positions may change at any time