How attractively are shares now priced?

or thinks they know, the advice of Warren Buffett to investors: that “they should try to be fearful when others are greedy, and greedy when others are fearful.” After firmly into bear-market territory (defined as a fall of 20%-plus from a recent peak) in June, some will be starting to wonder whether there is enough fear in the air to warrant their being greedy. How attractively are shares now priced? One approach is to use the equity risk premium as a guide. A rough-and-ready version of it suggests that it is not obviously a time for would-be Buffetts to swoop in. Equities are not (yet) priced at fearful levels. An opportunity for greed may yet arise. But the circumstances will be such that only the steeliest of investors can take advantage.