Stocks aren't cheap

More to come, but the basic argument is this... I've been sitting on this one for a while...

P/E is a present-trailing indicator. We use P from the present, but E from the past.
as P drops, it would seem like stocks are cheap based on P/E or whatever other metric you happen to use.

But because E, FCF, B, S are only updated quarterly, they lag - hence it's not a real indicator of cheapness. It's especially bad for those that focus in the short term.

blah blah blah to come..