I believe there will be considerable lag between when the fundamental bottom is reached and when prices reverse their downward trend.
The only way the market has been irrational is that it kept on moving up longer than expected (thanks to the easy/funny money stimulus). Otherwise, it's been like any other cycle.
1990-1996 was the last down cycle and I can tell you that the choices in 1996 were much better than earlier in the decade.
