Today is Valuation Thursday on Abnormal Returns.  We came across a number of items showing some unusual valuation extremes.  Rather than spend a bunch of words discussing things we are going to excerpt a graph from each piece. In no particular order:

Given the above graph Fortune emphasizes dividend payers in their list of the “Best Stocks for 2012.”  (Fortune)

An alternate measure shows the S&P 500 to be meaningfully undervalued.  (ValuePlays)

When, if ever, will dividends catch up with high profits?  (Weigand)

Earnings yields remain substantially above corporate bond yields.  (Calafia Beach Pundit)

To finish up we return once again to the Morningstar Market Fair Value chart which continues to show undervaluation. (Morningstar)