  We prove several results on the distribution of values of $L$-functions at
the edge of the critical strip, by constructing and studying a large class of
random Euler products. Among new applications, we study families of symmetric
power $L$-functions of holomorphic cusp forms in the level aspect (assuming the
automorphy of these $L$-functions) at $s=1$, functions in the Selberg class (in
the height aspect), and quadratic twists of a fixed $GL(m)/{\Bbb
Q}$-automorphic cusp form at $s=1$.
