With the market having reached new highs recently, and then tumbling a bit, many investors have begun worrying that this is the beginning of the next major market pullback. In this video, Motley Fool financial analyst Matt Koppenheffer discusses why runaway valuation levels might be a more important indicator that a pullback is about to happen. He compares valuations from companies in the S&P 500 today, vs. the valuations those companies had in 2006 leading up to the market meltdown in 2008. Matt thinks banks in particular look undervalued at the moment, and he takes a look at three banks with especially low price to tangible book value ratios.