Every day I see posts here asking the same 3 - 4 companies "PYPL, ADBE, etc a value play?"
The answer is usually no. You guys are picking through a graveyard.
The US market has been picked clean. The algorithms and passive flows have bid up everything with a pulse. If a US company looks "cheap" right now, there is a 99% chance it's actually just dying.
1. The S&P 500 is trading at historically high multiples. You are paying a luxury premium just for the privilege of owning US assets. Even mediocre US companies trade at 18x or 20x earnings just because they are listed in New York. The "Safety" Premium of being in the US is absurd.
2. US "Value" is mostly value Traps. Look at the "cheap" stocks in the S&P right now. They aren't misunderstood gems. They are businesses with business models that have clear flaws or is about to be made obsolete. You aren't finding a dollar selling for 50 cents; you're finding a company that is going to be worth zero in 10 years selling for 50 cents.
The Real Asymmetry is abroad. Go look at China, Brazil, or even parts of Europe. China: You have tech monopolies with massive moats and actual growth trading at 8x or 9x earnings. US: You have slow-growth consumer staples trading at 25x earnings.