After all this, stocks are <i>still</i> overvalued by historical standards:<p><a href="https://www.multpl.com/s-p-500-pe-ratio" rel="nofollow">https://www.multpl.com/s-p-500-pe-ratio</a><p>Perhaps surprisingly, this even ignores the inevitable hit to earnings Q1 will bring. Factor that in, and fair value on the S&P is way, way lower from here.<p>Throw in the inevitable massive distortions of the economy through the Fed's institutional panic moves, and who knows where fair value lies.<p>I'm not sure many people realize that there are two simultaneous and very grave crises happening at the same time: COVID-19 and the return of the Great Financial Crisis.