If that's true I dunno how anybody thinks this is the bottom
I mean, it was pretty obvious from Q4 last year that earnings were going to fall for the following several quarters. It's not rocket science to figure out that Q1 earnings are going to be worse than Q4, and with all likelihood Q2 is going to be even worse. Why was there ever any doubt?
We just don't know what P/E is going to look like.