Also we will not know if market is bottomed until many months after, and we will not know if recession is over by the same time conditions.
The most dangerous market actions are buying on top, this is clearly not an option now, and selling on bottom that might or might not happen at this point. It indicates by simple attrition that selling is more dangerous than buying now.

PS: I greatly enjoyed this conversation. I appreciate your time, and, believe me, I am the most conservative (in investment sense) buyer.

>We will not officially know when the recession started (by technical definitions) until many months after it occurred, MANY smart people believe we are already in one. You obviously have an understanding of the markets and are doing due diligence in your stock selection, so you are likely to do OK, but MOST investors don't have a clue, and this type of market is dangerous for them. As for debasing the currency, not the best thing to hope for, but that is where they are taking it regardless.
>
>>Firstly, recession is not here (yet?).
>>In regard to stock selection, P/E ratio should not be used as a primary factor in turbulent times. It should be replaced with Debt-to-Equity (low debt, to be simple) and Price-to-Book ratios. It ensures that business is durable and you buy it cheap. Low US dollar is the key ingredient indicating that US-based manufacturing stocks is the way to go, because every day of low dollar greatly increases their competitiveness on both international and domestic markets.
>>In regard to customers: our big-heart government (regardless to party affiliation) will take care that rank-in-file customers will have enough paper to go shopping. It is a very easy and well-known technology, I mean printing.
>>
>>>I agree there is value in individual well selected stocks, but you need to consider as we go into (are in) recession that multiples will contract as earnings decrease making the current P/E a less reliable indicator. The fact that many corporations are light on debt with strong balance sheets is one of the few things this economy has going for it, but as consumers pull back with the loss of wealth effect (housing & Stocks) and increasing costs (gas, food, borrowing) the corporations won't have enough customers to buy their products.
>>>
>>>Your posts remind me of a response I got a couple of months ago from Chris McCandless saying there was absolutely no reason to fear a recession, LOL