this was a fine article I hope you wrote it yourself!
The one thing that in my opinion is missing in such ana anlysis is the fact that interest rates are very low right now. As a result assets should be valued a little higher since a) you cannot just put your money in the bank and make interest and b) the fact that money is cheap will also inflate asset prices.
i dont know exactly how strong this effect is going to be however.
Yet overall i feel that you analysis is spot on and i also dont want to be involved with stocks at this time.
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