The whole world is cheap!
The ASX 20 makes up over 60% of the market. Given recent volatility, I thought the chart below may be of interest.
The chart below shows the percentage change in share prices over the last 3 months (grey) and the upside to target prices from Stockbroker RBS Morgan (gold).
Whilst the argument can be that these stocks are cheap, with the market so fragile because of uncertainty over the US and Europe, the whole world is cheap!