Belgium, an often forgotten spot in Europe, has price-earnings ratios around 11, well below the historic average for that market.

But there is also agreement among that the current levels are drastically lower than historic averages.

And prices-to-forward-earnings ratios are close to their historic averages.

The historic average, she said, is about 1 of every 21 issuers.

Home furnishings names are trading at 27 times this year's earnings and 23 times 2003's, which is close to their historic average.

The historic average for the past 100 years is about nine named storms, including about six hurricanes.

"What we are seeing now is a more centrist trend, a move back toward the historic average."

It expects the United States rate to rise to 3.5 percent by early 2008, but that is still below historic averages.

"In effect, what Chase did was restore the historic average," he said.

But it is our feeling that over the next few years the stock will trend back toward its historic average.