Subject: Re: This was all predictable
Indeed, there is no call for panic. P/B is still 5-6% above the 20 year average for heaven's sake.

Not only are you correct that a move back to the usual valuation levels was entirely normal and to be expected, but perhaps we aren't even there yet.

My monkey brain, like those of most people, gives way too much emphasis to what has been seen most recently.

Jim