The PE ration is not only a reflection of value, but also of the temporarily depressed profits of a large part of the economy.
If profits doubled, by a miraculously effective vaccine, for example, the PE instantly drops in half. Add the rediculously low interest rates, and it would be historically low.
And, looky here, the market futures jumped almost 5% on Pfizer’s announcement of a successful vaccine trial this morning...
Glad I didn’t selll quite yet.
