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An Opportunity for Patient Investors - Barron's

Do not trust anyone citing P-E's in this market. We know P has dropped 40% in a few months, but we do not know what has happened to E. Anyone claiming to know has a dog in the race. Even if you knew forward E, you cannot know where to pick the bottom during the global deleveraging. I take no comfort in knowing that the last time the market behaved this way was 1931.