According to Bloomberg, of the 1600 firms giving 1st half guidance, 40% predicted a drop in earnings. That E in your PE ratio is trending lower & “cheap” is relative.

via Trinh Nguyen: Worst sectors in H1: a) Petroleum processing -56%(worsening)🥶 b)Other mining -44% (improving) c) Non ferrous metals -38(improving) d) Chemical fibers -25% (worsening)🥶 e) Metal products -15 ((worsening)🥶 … Read more