The forward P/E of the Russell 1000 Value relative to the forward P/E of the Russell 1000 Growth is at the 15th percentile for observations going back to 1997, says Loreen Gilbert of Wealthwise Financial. She says this suggests that value is still a relative bargain. She points out that the last time value appeared this relatively cheap was from 1999 to 2001. She says they think inflation is not transitory and will be more persistent, and that could cause a misstep by the Fed. They think emerging market debt is a place to add to a fixed income portfolio.