Agreed Wooly, while valuations were not excessively high last year, earnings will take a massive hit with commodity prices falling so heavily and the now guaranteed slow down in global demand. This reduction in earnings means the 10-15x earnings a lot of stocks were trading on, all of a sudden becomes 20-25x... There's your overvaluation.
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Agreed Wooly, while valuations were not excessively high last...
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