With the backdrop of heightened economic volatility emanating from the on-going euro zone problems, investors are naturally cautious and have been seeking shelter in relatively expensive safe haven assets. Is this a sensible strategy given that a lot of these assets look overpriced on some measures? Are investors likely to miss near trough of the cycle ìvalueî in some sectors? How do you assess value in the current market, particularly as investorís classic proxy for the risk free rate, the respective country government bond yield, looks to be very far from risk free in some markets? The analysis seeks to answer these questions and also assesses where value lies in the current market. Furthermore, historical analysis of the UK market examines whether value has been rewarded throughout the cycles. The analysis covers the period 1981 to 2011.