Small Caps, Cheap or Expensive?

It always surprises me when people have not heard of The Leuthold Group.  (Maybe because they are based in MN?!)

They put out some great research so check out their site!  Below on small cap valuationsScreen Shot 2013-11-13 at 9.37.57 AM Screen Shot 2013-11-13 at 9.38.49 AM: