For the record I am a senior member of the New York Society of Security Analysts. I have labored on Wall Street for many years and I thought I had some knowledge of how to value stocks. I have read the Bible of Security Analysis – Graham and Dodd – and closely followed their valuation methods for stocks. However, all that seems to be of no use now. The new standard of equity valuation is now the price of oil. Never mind earnings or P/E’s. Just look at what the oil price is doing and act accordingly. Perhaps in the short run this may work, but ultimately I firmly believe the old valuation methods will once again be used. Beware the slippery slope of oil valuation.