Interestingly enough, stock prices suggest the opposite. We haven't sold off like this since the Depression. Even during the inflation crisis of the 1970's, the most we ever sold off was 17%. Being down 40% on the year must be very scary for market bears. Everyone wants to tell you that valuations don't matter but I have a secret for you - they do. It's hard to find a stock with a p/e over 20 anymore. Apple's market cap is down to $79 billion and yet it will have $30 billion in cash on its balance sheet by year end.Apple's not the only one either. Corporate America has never been more fiscally responsible. Record amounts of cash sit on balance sheets across many different sectors. Leverage has been limited to consumers and banks.
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