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The Recession Is Already Priced Into Stocks

past p/e multiples do not apply. we are in the midst of a cyclical deleveraging not seen since the 30's, and on a global basis. you cannot expect future profits and p/e's to be valued the same moving forward.

periods of the 1990's/2000's where credit/financing was easier to obtain for corporations and the customers of their products. I cannot predict whether we are close to a bottom or not, what I will predict is that although we will have rallies, it will be many years before we begin a new, legitimate bull market. We must find who the new leaders will be in this new environment before this can happen.