Famed investor jeremy grantham says he hasn't seen stocks this enticing since the 1987 crash. The value mavens at the Delafield Fund note that even by their tightwad standards shares are "extremely attractive." Robert Rodriguez, whose FPA Capital Fund has been piling up cash for five years, is finally getting excited about buying again.rnYet, cheap as these managers think the market has gotten, they're convinced it's going to get considerably cheaper before hitting bottom. So they're hoarding cash, biding their time and waiting for specific buy signs: a drop in the S&P 500 to a certain level, a spike in the Dow's dividend yield or a drop in bank stocks' price-to-book ratios near to where they bottomed in previous financial panics.
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