I am wondering if much of the way we calculate the fundamentals, such as 3X or 4X income was based on times when interest rates were much higher. For much of my lifetime, except my early childhood, interest rates were between 8-12 percent, probably averaging about 9-10 percent. Is it possible that we have entered a new age of relatively low interest rates which therefore change all the equations? These lower rates have been around now for several years, and it looks like they will stay low or lower for the forseeable future. Perhaps we are witnessing the evolution of the fundamentals themselves.
