As the economy deteriorates, one of the first casualties will be corporate profits.  Earnings estimates have been falling very fast for 2009.  Recently estimate cuts for 2009 have been running at about 8x the number of estimate increases.  P/E-based valuations become tricky in such an environment -- you are shooting at a moving target.  One way around this is to focus on the low (or most pessimistic) estimate, rather than on the mean estimate.  Assume that everyone else will move to where the biggest pessimist is now. This is not to say that the most pessimistic analyst today can't be too optimistic, but at least he will be closer than most. On this basis, there are some very compelling values out there. 

Below we present a list of the cheapest S&P 500 companies based on 2009 low estimates.  Since I simply do not trust the numbers, I have excluded from

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Indiana is perhaps best known by its world famous Indianapolis 500 motorsports race, but there is indeed much more to this state. It is also a fast growing and very diverse state. The following are interesting facts about Indiana:1. Livestock and poultry occupations employ over 42,000 in Indiana.2. There are three biodiesel plants in Indiana, and one under construction.3. There are 12 ethanol plants operating within the state and together they produce over 1 billion gallons of ethanol.4. A third of Indiana’s soybean production is exported.5. Indiana’s tourism industry contributes almost $7 billion to the economy.6. Indiana’s top manufacturing industries are: transportation equipment, chemicals, and primary metals.7. The manufacturing industry employs approximately 640,000 workers in the state.8. Indiana’s coal industry provides the state with over 2,000 jobs.9. International manufacturing firms with operations in Indiana employ ...

Known to skip monthly management team meetings for her daughter’s birthday and to reschedule a board meeting so she could attend her daughter’s 4th grade play, Angela Braly at 46 is one of the youngest women CEOs, as well as the only one running a Fortune 50 company. With three children, Angela managed the family life balance through a suggestion by her husband that he become a stay at home dad.

Rather than ‘coming from nowhere’ to take the CEO position, Angela has a long history of health care involvement, first working passionately for Blue Cross Blue Shield of Missouri, then setting up a foundation for uninsured Missourians, becoming General Council for RightChoice, the parent company for Blue Cross Blue Shield of Missouri. RightChoice was acquired by Wellpoint, and Angela became CEO of Wellpoint’s Missouri operation. In 2005 Angela became General Counsel of Wellpoint in

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