Forecast: Where Are The Bargains Now?

TIME's board of money managers sees POCKETS OF VALUE in a stock market that still looks expensive by many traditional measures

Tough times are here, but these are the times the stock market typically offers great value. In a recent round-table discussion, TIME senior writer Daniel Kadlec questioned four top value-oriented stock-mutual fund managers: Wally Weitz of Weitz Value, Susan Schottenfeld of TCW Galileo Opportunity, Eric Miller of Heartland Value and Lois Roman of Scudder Large Company Value.

TIME: With stocks down so much from their highs, is the market cheap?

WEITZ: We had a 25-year bull market where stocks got systematically inflated, and we've had only a year and a half of squeezing that out. I don't think they're especially cheap....

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