I've considered the possibility. Trailing earnings have recently dropped from $94 to $56. Gary Shilling a couple of weeks ago said, "I could see $40 next year". In a long severe downturn, earnings could drop to $32.. perhaps lower. Then with a P/E of perhaps 10x.... I've got an argument for Dow 500 (or whatever the '74 low was), too... which has not been triggered for reasonable consideration as of yet.