Let's have some candidates for things that are very cheap? Classic value investing stuff. There's been a huge real estate bust in the USA, and one kinda ongoing in Europe - could be an interesting place to look. Detroit, Miami, and Las Vegas have really been crushed. My personal pick is Japanese stocks. They are 19 years into a secular bear market, since the all-time high. Lots of very cheap stocks around, with low debt, high cash balances. Price to book is pretty low. The main problem is moribund management. But that was like the US in the late 70s early 80s. I have no idea if Japan made its lows in late 2008 and will now have a mega boom for 10-20 years. But I do think that purchasing sound japanese stocks at good prices today will be well rewarded over the typical investment time horizon. Another one I've been mentioning for a few years now is German real estate, I still think it's cheap, and you get nice rental yields while you wait.