The purpose of this article is to discuss some areas of the equity market that appear like value plays right now because they are "cheap" relative to the broader market. This is a follow-up to a recent review I wrote that covered some areas I was investing in to hedge my large-cap US exposure. However, the distinction here is that while some potential spots of "value" may look interesting, the relative discount one is getting to buy them may not present the value one is truly looking for.