Following the banking crisis, stocks rose sharply in January, gave part of those gains back in February, and had severe volatility in March. According to our calculations, stocks appear inexpensive going into the second quarter of 2023. At the conclusion of the first quarter, the average stock in markets North American coverage was selling at a roughly 10% discount to our fair value estimate. In his most recent stock market outlook, market expert suggests, "The markets are close to the top of their trading range, and our near-term market forecast is that it will need to see a turnaround in leading economic indicators to break through the top of this range and rally upward to where we see fair value. Nearly all stocks appear to be undervalued. The Small-value stocks are currently selling 47% below our assessment of their fair value, making them the most undervalued stocks by investment type, while large-cap core stocks are just approximately 4% undervalued. The most undervalued ind