Zeev's Turnips Patch-No Politics (ZEEV)

[market_watcher]

I would argue that those 16 to 20 PE's are going to be tough to meet in this environment. Not only on a cash flow generation basis, but especially after accounting for pension fund liabilities, which have built up during the bear market. Those forward PEs are also based on estimates that will more likely come down than go up.

If one is to concur with Stephen Roach, a recession is just what the markets should start discounting.

I know that bear market rallies can last a long time. I was fortunate to catch the one in Japan in 1999 and that was great. I just can't but see a bad ending to this current one here in the US.