This is now the third day in a row that the Dow Jones Industrial Average has hit an all-time high. But does this mean that all of its component stocks are similarly dearly priced? In the video below, Fool contributor John Maxfield discusses why at least one of them isn't.

Despite doubling last year, Bank of America (NYSE:BAC), still appears to be relatively cheap by historical standards. Among other things, shares of the bank are more than 40% below their pre-financial-crisis high (even taking dilution into account) and continue to trade far below book value.

John Maxfield owns shares of Bank of America. The Motley Fool owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.