We are not at the bottom of this one yet. When the bottom finally comes it will be flat and not a V as so many have become accustomed to. We have at least three years of bottom and nearly that many to climb out back to where we were.
The fundamentals have changed. Trade has been disrupted and the sabre rattlers are out. The climate change weenies are making disruptive and terribly costly decisions and mistakes. None of them are financially sound.
I agree... this is more akin to the long-term rising increases in energy that happened in the 1970's. Inflation is here to stay. And, that is BAD for business, and stocks.