While stocks are cheap if you take a 35 year view, 14x earnings is a fairly expensive P/E given that we're 10 years into a secular bear market and probably looking at another 5-10 years of it.

I have thought about buying more, but I am waiting for P/Es on oil stocks to dip to 3x earnings, reserves to sell for $4/barrel at $95 brent, and dividend yields to exceed the value of the annual trading volume. I feel like some of the ridiculously cheap prices are going to keep getting more ridiculous until it is physically impossible for them to keep doing so.

 

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