Maybe there is a "fair price" or "intrinsic value" for
stocks.
Except that it is not the way the market works, it prefers
the extremes.
More than two years ago, money was no problem,
stocks went for top prices, like soccer players
We don't know how many months or years (look at
japan, the stuff has been falling for more than
a decade) we have to wait to see the bottom prices.
But, as a back-to-school tip, some homework (aaargh,
something not very popular for first grader investors)
might help you get a rough idea of potential extreme prices.
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Stock pricing via stock images:
http://perso.wanadoo.fr/pgreenfinch/