“Find this hard to believe considering many stocks aren’t even bargains yet.”
We’re roughly halfway through this adjustment to the new-normal (i.e., a much poorer country, always threatened by another outbreak of this virus, or a similar one).
So, no bargains yet, but in about 2 months, the reality of our situation will, mostly, be priced-in.
Suddenly P/E becomes relevant, haha. I can't stand it. After the fed went to 0% the other shoe drop for me was the elimination of the reserve requirement. Now 100% cash and debt-free physical assets. Now trying to decide if we're gonna be served inflation, deflation, apocalypse, or any combination thereof. I fully believe places like California are capable of producing mini-Venezuela conditions. I have seen convenience stores in SoCal raided by flash mobs exploiting the misdemeanor rule. There aren't enough police to commit enough brutality (so to speak, haha) to keep things in check.