What's Cheap

Below are the valuation numbers for the major global asset classes, as sampled from their respective index funds. The 12/31/98 NAVs are presented in the first column as reasonable guides for adjusting these parameters for subsequent price changes—if the NAV declines by, say, 20 percent, then the PB, PE, and PC will also decrease by approximately the same proportion, at least over the next several months.

These numbers speak (nay, scream) for themselves, and are offered without further comment.

Fund Name	12/31 NAV	12 Mo Ret	3 Yr Ann'd	5 Yr Ann'd	3 Yr SD	P/E Ratio	Div Yield	P/B Ratio	P/C Ratio	Cap $MM
Am Cent Gold	5.52	-12.18	-20.64	-14.58	41.84	29.7	0.88	2.6	16.2	2251
Am Cent Nat Res	10.58	-6.3	3.5	-	17.1	27.3	1.73	2.7	11.4	27708
DFA Cont Sm	15.38	19.55	15.15	11.13	14.49	20.3	1.69	2.6	9.1	429
DFA Em Mkt	8.3	-9.43	-6.47	-	27.1	19.9	1.12	2.9	9.6	2040
DFA Intl HBM	13.79	14.96	6.34	7.83	15.87	24.8	2.07	1.9	9.5	10198
DFA Intl SCV	7.18	5.27	-6.35	-	13.88	19.8	1.99	1	9.3	223
DFA Intl Value	11.99	14.87	6.25	-	15.86	25.5	1.92	1.8	10.1	6533
DFA Japan Sm	8.85	16.06	-26	-12.74	26.39	30.5	0.71	1.2	10.3	228
DFA Lg Cap Intl	16.5	18.21	9.88	9.57	16.29	29.9	1.56	5.1	13.4	28499
DFA Pac Rim Sm	6.14	-19.08	-18.78	-14.47	28.99	17	3.6	1.2	10.9	162
DFA US 6-10	12.93	-5.51	11.37	12.15	22.97	23.2	2.7	3.4	17.1	372
DFA US Sm Val	17.93	-7.3	14.03	14.18	20.14	19.8	1.73	1.7	12.4	280
DFA US 9-10	10.76	-7.32	10.21	13.17	23.01	21.5	1.4	2.9	15.7	137
DFA US LCV	19.76	11.98	19.93	17.9	20.98	18.3	1.49	2	10.4	7874
DFA US Lg	36.33	28.68	28.06	23.86	20.37	32.7	1.18	8	22.3	56951
DFA UK Sm	18.11	-11.18	6.08	6.71	13.4	13.3	3.83	3.2	10.9	182
DFA REIT	12.13	-15.38	10.56	6.78	14.19	23.3	5.36	1.4	17	1518
Schwab 1000 Inv	33.51	27.16	26.82	22.72	20.41	33	0.75	7.9	23	45554
Schwab Intl Idx	15.27	15.85	10.7	9.98	16.29	29.3	0.88	5.1	13.7	25037
Schwab Sm Cap	16.25	-3.57	11.86	11.61	21.79	23.8	0.32	4	17.2	706
Scudder Latin Am	17.73	-29.7	5.8	-0.65	34.61	16	2.01	2.1	9.8	3780
Vanguard 500 Index	113.95	28.62	28.16	23.96	20.46	32.9	1.16	8	22.5	57109
Vanguard Emg Mkt	7.91	-18.21	-7.6	-	27.82	17.6	3.29	2.8	12.2	4315
Vanguard Energy	18.42	-20.53	6.95	8.57	23.47	24.1	1.86	2.4	7.5	5432
Vanguard Europe	25.28	28.86	24.74	19.32	17.46	29	2.05	5.9	13.4	29219
Vanguard Ext Idx	30.62	8.32	17.31	16.24	22.69	27.7	1.14	4.8	20.5	1635
Vanguard Gold	6.61	-3.91	-16.48	-12.05	34.7	31.5	1.36	2.5	18.4	1290
Vanguard Growth	31.67	42.21	33.87	27.79	22.32	40.2	0.69	12.1	28	97635
Vanguard Pacific	7.84	2.41	-11.14	-4.01	19.11	33.1	0.83	2.4	12.2	12513
Vanguard REIT	11.08	-16.32	-	-	-	23.3	7.31	1.3	16.6	1556
Vanguard SCG	9.53	-	-	-	-	27.5	-	5.4	22.6	1021
Vanguard Sm Cap	21.2	-2.61	12.75	12.92	22.45	23.1	1.34	3.8	16.8	671
Vanguard SCV	8.74	-	-	-	-	20.1	-	1.8	11.9	533
Vanguard Utilities	16.54	21.83	17.07	14.48	11.97	23.6	3.36	3.2	11.2	7180
Vanguard Val Idx	22.51	14.64	21.91	19.79	19.48	23.9	1.54	3.4	15.6	24073

copyright (c) 1999, William J. Bernstein