World markets
The value tape
Four indexes, read through the value scores their members carry. How far the cheapest fifth moved from the dearest fifth, how many members sit below the model’s fair-value estimate, and what each index scores once every member is weighted by its market cap.
Session of 2026-10-16. Last close, not live.
Panel 01 · Value spread
499 of 503 members scoredS&P 500 closed −1.09% on 2026-10-16. The move landed on the highest-scoring end.
Buckets are quintiles of the value score. How the value score is calculated
Panel 02 · Below fair value
491 of 503 members carry a fair-value estimateMost of the S&P 500 is priced above the model’s fair-value estimate. A member counts as below fair value when the estimate sits above the traded price — the model reckons it is worth more than the market is paying for it. The two figures above are the two halves of the 491 members carrying an estimate.
Ratios outside −5 to 20 are read as scale defects and excluded: 0 here. 12 members carry no estimate at all.
| Member | Value score | Fair value / price | Session |
|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | 70 | 1.02× | +1.21% |
| CCitigroup Inc. | 87 | 1.00× | +0.85% |
| AXPAmerican Express Company | 36 | 1.11× | −0.09% |
| IBKRInteractive Brokers Group, Inc. | 47 | 1.66× | −3.88% |
| PGRThe Progressive Corporation | 61 | 1.03× | +2.22% |
Largest by market cap among the 47 below fair value.
Panel 03 · Weighted scores
499 of 503 members scoredEach axis is the market-cap weighted mean of that score across S&P 500 members that carry it. A member with no score for an axis is left out of both halves of that axis, so the denominator shrinks with the numerator. Scores run 0 to 100.
Weighted value, all indexes
A higher weighted value score means the index’s larger members score cheaper. Of the 4 indexes on the tape with a measurable score, FTSE 100 carries the highest at 66.6, which makes it the cheapest of them on this measure.
Weighted by market cap within each index, summed in the members’ own quote currency. How the value score is calculated
Notes
The tape reads one session of a market index through the value score its members carry. It sorts the index’s scored members by that score, compares how the cheapest fifth moved against the dearest fifth, counts the members priced below the model’s fair-value estimate, and averages the five scores across the index weighted by market cap.
It is taken once per weeknight, after the US close, from each member’s last closing price. It is not live and it does not update while a market is open. Every figure on this page is stamped with the session it came from — 2026-10-16 for S&P 500.
Cheapest and dearest fifths are quintiles of the value score, not of price: the fifth of members with the highest value scores and the fifth with the lowest. Below 25 scored members a fifth is fewer than five names and one of them would carry the whole reading, so the quintile split is withheld for that index and the panel says so instead of publishing it.
A bucket’s combined market cap is summed in the members’ own quote currency and labelled with it. The FTSE 100 quotes in pence, so its totals are not dollars and are not converted into any.
S&P 500, session 2026-10-16: 499 of 503 members carry both a value score and a session quote. 491 of 503 carry a fair-value estimate inside the band; 0 were excluded as scale defects and 12 carry no estimate at all.
How the value score is calculated
Data, not advice. Do your own diligence.