Originally Posted by pondering_it_all
Quote
the market is currently trading about where it ought to be
Obviously, the stocks of many strong companies are being valued as if they have no future value at all.

When Bank of America stock reaches a price yielding under 3% and Apollo reaches a price yielding under 13%, then I will agree that the market is fairly priced. For now, prices reflect total panic.
We're mixing metaphors, my friend. I was talking "aggregate" market. With regard to individual stocks, I agree. I think that in the relatively near future, volatility will settle some, as individual stocks begin to be valued more closely to their underlying fundamentals. I was just trying to say the 16,000 Dow was 100%+ over where share prices should have been. When the Dow is 4 times the annual GDP of the US, something is wrong with the numbers.

A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.

Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich