What would the fathers of value investing say about today's markets?

Markets have rallied a long way in the last two years, and Benjamin Graham and David Dodd, the fathers of value investing, would probably find few opportunities at the moment, according to Jupiter's Ben Whitmore.

Markets have travelled a long way in the last two years, driven largely by central bank intervention and a recovery in Western economies. Some say the current situation is unique, and central bank policies could keep stock prices elevated indefinitely. But is it really a case of ‘this time it's different?' Many thought so at the peak of the bull market in 2007, and at the previous peak in 1999. No one can honestly tell when it will happen or how long it will last, but history shows markets are likely to decline when global events conspire against them, or valuations become divorced from...