Joel Greenblatt of Gotham Asset Management was on Bloomberg TV discussing his views on the market and what he an his magic formula have been buying as of late. He mentioned being a buyer of Apple, and Google. He then mentioned how he is short J.C. Penney due to its high cash burn and the difficulties involved with turning around retailers. He talks about how the Russell 1000 is somewhat cheap as a result of FCF yields and he expects a 13% - 15% return over the next 12 months. He thinks the Russell 2000 is a little more expensive and will return less than the mega-caps which haven't run up as much.