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I’d say the market has got it wrong about the tobacco firms too. For years, they’ve expected the demise of the business, but they’ve been dead wrong so far. The risk of a decline clearly is there. But I see a cash cow here, for a good few years yet. Financial risk So yes, being serious, I do think there’s an argument for just taking the cash and ignoring the share price. I mean, I can’t think of any other reason why anyone would be happy to have held BT shares for the past five years. Can it keep going? I’ve learned one thing from the pandemic days. Investing in high-street retail is risky, and could face a lot of challenges. It’s all part of CEO Tufan Erginbilgic’s plans to “ build a high-performing, competitive, resilient and growing Rolls-Royce.”

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For one thing, it’s more than just a miner. It’s also one of the world’s largest commodities traders. That includes energy products and agricultural goods, so it’s a bit more insulated from the traditional mining cycles. Andrew is a committed value investor who follows the principles of Benjamin Graham in building his portfolio. In particular, he uses macro trends from the wider business environment to build his investment thesis. I already thought Lloyds shares were among the best value in the FTSE 100. But after these falls, the market puts them at only around half the average Footsie valuation. That just can’t be right.

Never put off buying cheap shares today in the hope they’ll be cheaper tomorrow. On average, they won’t.A few weeks ago, investors were buying Barclays shares for 199p. Now they’re selling for 135p. Where’s the sense in that? In the latest panic, Scottish Mortgage is valued at 17% less than the shares it holds. That’s like being able to buy pound coins for 83p each. Real risk Stephen has a PhD in Philosophy and teaches at the University of Oxford. He's an enthusiastic Warren Buffett follower and focuses on buying quality businesses at sensible prices. He's also a podcaster with the PlayingFTSE show.

Despite the big gains in the Marks & Spencer share price of the past year, we still see forecast price-to-earnings ( P/E) ratios of only around 10 or so in the next few years. It’s a bit early to judge the dividend yield yet. Financials like investment managers and insurance firms are on big yields due to those share price falls. That also doesn’t surprise me. That’s not too much at this stage. But there could still be a long way to go before the threat fades, and the squeeze could cause more pain in the months ahead. So yes, for me it’s still one of the key things to watch for the rest of the year.

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For me, the way to win rather than lose on the FTSE 100 is twofold. Think about valuation, not prices. And invest with a horizon of at least 10 years. We have taken reasonable steps to ensure that any information provided by The Motley Fool Ltd, is accurate at the time of publishing. Any opinions expressed are the opinions of the authors only. The content provided has not taken into account the particular circumstances of any specific individual or group of individuals and does not constitute personal advice or a personal recommendation. No content should be relied upon as constituting personal advice or a personal recommendation, when making your decisions. If you require any personal advice or recommendations, please speak to an independent qualified financial adviser. No liability is accepted by the author, The Motley Fool Ltd or Richdale Brokers and Financial Services Ltd for any loss or detriment experienced by any individual from any decision, whether consequent to, or in any way related to the content provided by The Motley Fool Ltd; the provision of which is an unregulated activity. Charlie formerly worked at the Bank of England and is a qualified lawyer with expertise in intellectual property and technology disputes. He currently writes on a freelance basis, specialising in financial markets and investing.

BT would also have paid me five years of dividends. And they haven’t been bad at all. In fact, the forecast 6.5% for this year puts it in the FTSE 100 top 20. The average price-to-earnings (P/E) ratio of the FTSE 100 has been around 14 to 15 over the long term. Right now, the Lloyds P/E is only 6.5. So what’s my take on all this? Well I think the fears could keep the Lloyds share price low for quite some time yet. And Lloyds shares might fall even more in the months to come. Over the long term, banks have been cash cows. So as long as the economy is going well, Lloyds should generate lots of it.At the moment, it looks to me like there’s a fair bit of optimism already built into the valuation of Rolls-Royce shares. A forecast price-to-earnings ( P/E) ratio for the full year of 30 doesn’t look like a screaming buy to me. Owain is a magpie of the investing world -- and not because he gets into a flap. Almost any style of investing might suit him, depending on the bigger picture, and he's held all sorts of companies. Paraphrasing Keynes, he says: “When the market changes, I change my mind -- what do you do?”