James Cramer, who got the 60 Minutes treatment last night, thinks that boring, slow-growing companies like Georgia Pacific may be far cheaper than anybody has thought. From his piece at RealMoney.com :

That after six years of stocks doing nothing, they now often are worth less than the companies themselves? We’ve taken rates up 12 times and the deals are still happening. I believe that’s because our markets have suffered a neglect that has brought many companies to valuations that actually make no sense to a company like a Koch, which actually thrives on cyclicality.

In other words, our endless fascination with growth on Wall Street has created a glut of really good companies like Georgia-Pacific that never will have the kind of growth we want yet can make someone an awful lot of money privately. Look for more of these deals; they just make too much sense.

We have reported on the notion that large, high quality companies are undervalued relative to small caps. The GP buyout may be a sign of this trend correcting.