Market has already crashed.
Some of the PE multiples are very low.
Examples of some stocks:
At $26, on 8% profit growth, ANZ will pay a gross dividend in 2008 of 8%. Whilst not a bargain, at $25 is becomes 8.4%, which starts looking very attractive.
UXC at current prices will pay a dividend of at least 10% gross and has a 2008 PE ratio of 10.
CND will crash tomorrow. At $2, it will pay a dividend of around dividend of around 13%.
BKN at $6 has a forward PE ratio of 11.
Whilst the following USA do not pay strong dividend, Bank of America and Manpower are trading on PE ratios of 9.
Manpower at is peak traded on a PE ratio of 22 and Bank of America 12.
Yes, this is a CRASH. It is not a CORRECTION of over-valued stocks.
Many stocks are very cheap at the moment and on Monday will be cheaper.
Picking the bottom is always difficult but how low can it go?
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