Shouldn't some of this be corrected for inflation? I don't think anyone could claim that in today's environment (with the Fed aiming for 2% inflation) that stock prices should be so low as to reach the 15% earnings yield reached in 80's.

I suppose a case could be made that we'd return to high inflation of the late 70's, and that would drag earnings yields upward. But since the pent up spending following covid restrictions seems to have been reined in, I don't see a driver for it.

My next question is going to be, so what about Berkshire Hathaway? I think for them a major crash like this would be a time when gold rains from the sky. But what about the valuation of the stock itself? I'd hate to sell it a huge discount just because I don't want to have a job working for a jerk.

Berkshire Hathaway FAQ

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