Biotech Values

[Rocky3]

It's a big mistake in my view to look at a p/e (or its inverse, the earnings yield) divorced from the prevailing long term interest rate.

That surely is the prevailing wisdom. But the ten year was under 3% from 1935 to 1956 (see http://www.multpl.com/interest-rate/table). During that period, p/e's were relatively low. So I continue to be worried that we are nowhere near a market bottom of the nature of 1975 or 1982. That said, I am pretty fully invested under the theory that I cannot call tops and bottoms any better than the "professionals."