gotham asset management managing principle joel greenblat joins me now from the forbes adviser's conference in vegas. thanks for joining us. >> my pleasure. maria: let's start off with where you see things here. characterize the backdrop for investing. obviously the macro story has been good and how you view this market at current level. >> sure. well, you know, the stock market is just a bunch of stocks added up together and that's the way we look ait it. stocks are ownership shares of businesses. we actually go around and value each individual business you thi about the s&p 500, 500 stocks are wed a certain way and we value them dailynd we've done that for 27 years individually and then we add them up and raik them the way the market does. and right now we're in the 16th percentile divorce expensive over the last 27 years. the marker has been cheaper 84% of the time, more expensive 16% of the time. then we look at what's happened and what's happened is from this valuation level in the past, returns on average of 3 to 5%. so below normal because the markets average about 10% a year for tho

gotham asset management managing principle joel greenblat joins me now from the forbes adviser's conference in vegas. thanks for joining us. >> my pleasure. maria: let's start off with where you see things here. characterize the backdrop for investing. obviously the macro story has been good and how you view this market at current level. >> sure. well, you know, the stock market is just a bunch of stocks added up together and that's the way we look ait it. stocks are ownership shares of businesses. we actually go around and value each individual business. if you think about the s&p 500, 500 stocks are weighed a certain way and we value them daily and we've done that for 27 years individually and then we add them up and raik them the way the market does. and right now we're in the 16th percentile divorce expensive over the last 27 years. the marker has been cheaper 84% of the time, more expensive 16% of the time. then we look at what's happened and what's happened is from this valuation level in the past, returns on average of 3 to 5%. so below normal because the markets average about 10% a