I also agree with your sentiments. I think value still exists in some sections and with some companies in the market.
I do believe however that confidence will be a major drag, particularly in the U.S.
People have been burnt; they're less likely to 'risk' their savings in new sector companies. I wonder how it has affected the sourcing of venture capital? (Thinking out aloud).
Many blue chip companies still attract high P/E ratios, which are above long term averages. Correction will occur - just guessing in what form and how sustained those losses and this downturn go is anyones guess.
