besides a PE of 7ish there is the prospect of the E in PE diminishing considerably as whole nations default and the demand and hence price of minerals and oil falls through the floor. 1929 - 1932 saw a fall of 90% so imagine a new world with BHP $5 or ANZ and QBE $3.50 ....I guess that would be the modern day equivalent.
thursday morning in melb is cold, page-63
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