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Excerpt from Bloomberg -- "Fund managers need to take into account changes in the composition and behavior of fellow investors, said Aswath Damodaran, who focuses on equity valuation as a professor of finance at New York University’s Stern School of Business. 'These retirement funds have longer time horizons and preferences for larger dividend paying stocks than the rest of the market,' he said in an e-mailed response to questions. 'The old metrics, applied lazily and as rules of thumb, will yield the conclusion that these stocks are over-priced. If you believe that the fund flows have changed, you have to find a way to bring it into your analysis.'"

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