Are there Opportunities or Not?

It is interesting to me to hear the famous value guys disagreeing on market opportunities lately.  Some are talking about finding lots of opportunity, while others are returning cash to investors due to lack of opportunity.  I guess it depends on your framework.  Even quants are disagreeing on what they see out there.  Here is a great chart from some of my favorite writers over at SocGen – but it shows two basic quant screens and when they find the most opps…