In a world of high-frequency trading, central bank rate manipulation and cross-border fund flows, fundamental value often gets pushed to the back burner. Without question, U.S. stocks are very expensive — inordinately overpriced.

While not invested in Ukraine, I find the haggling over its natural gas bills from OAO Gazprom fascinating. Gazprom, OGZPY, is ostensibly a private for-profit company, but it isn't really.