Cheap goods, expensive stocks. And vice versa. A Louis Vuitton bag says wealth, but discount retailers are the ones delivering it to investors. Maybe it’s time to switch places? The S&P Global Luxury index, which is comprised of 80 of the largest luxury companies, currently sports a price-to-book ratio of 2.49—its lowest level in three years. Compare that to Dollarama and Dollar General, whose book values are more than 600% and 25%, respectively, above their historical averages. Luxury is starting to look more the bargain.