I am not predicting single digit P/Es unless perhaps we really do get the kind of derivative meltdown Buffet worries about. But substantially lower prices for sure until we get real capitulation. I envision this happeing once the war rally ends and people realize how different hings are today than in 1991.
“The things that will destroy us are: politics without principle; pleasure without conscience; wealth without work; knowledge without character; business without morality; science without humanity; and worship without sacrifice.” Mahatma Gandhi