A nightmare for a value investor?

Here is the list of Sensex non-commodity stocks with their P/E ratios. Ben Graham would not touch a company with P/E of more than 18 and with P/E of last 7 years' EPS of more than 25. The criteria for commodity is different. Can you find even one with P/E less than 18?

Company	TTM P/E	P/E of 7 year EPS
BHEL	34	62
Hero Honda	22	37
HUL	30	30
HDFC	30	50
ITC	27	40
Infosys	19	40
L&T	22	55
Maruti	30	38
NTPC	21	30
Tata Power	23	38
TCS	19	33
Wipro	18	32

This really is a nightmare for a value investor. Stocks are overvalued doesn't mean they would come down soon. The famous British economist John Maynard Keynes has said

"Markets can remain irrational longer than you can remain solvent".

The only thing a value investor can do is to sell some of his holdings. Mr. Market is very enthusiastic right now and nobody can fight his enthusiasm.