主题：【原创】全球熊市的开始：DOW大跌超过400点 -- 倥偬飞人

at the year end. i will not restate all those factors for a bear market, but nobody has provided a convincing argument that they will not weigh in the market.

Many companies have false P/E in their financial statements, just like those subprime lenders - they account false profits until later on those would turn up actually losses. Look at NEW, GM, NT, you know what I am talking about. So don't count on P/E too much otherwise you would probably find yourself holding an empty bag. Even some companies did nail profits in previous years, those were likely balooned by the housing bubble which would take back a lot of profits when bursting. No matter how high you were, you are getting into a recession when you coming down - It's that simple.