From Business Insider
"Market bear Gary Shilling was on Bloomberg TV today saying that with a hard landing in China and a strong dollar, he expects the operating earnings of S&P 500 companies to drop to $80 this year.
He said this would almost guarantee a major bear market with a PE ratio low of about 10, which implies that the S&P 500 index should be around 800—a 43 percent decline from its recent level."
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