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Agreed - so much long term upside paired with tons of short term uncertainity.

Note that the typically given P/E ratio is a backwards looking number, not forwards.

Intel trades at 5.5x PE for the last 12 months but 12.1x PE for the next 12 months (estimated, obviously). Intel specifically is also not at an "all time low" - they IPO'd in 1971 and have grown significantly since then.

I agree there are some bargains to be had in semi stocks, but keep in mind things may very well get worse before they get better.

If you didn't sell semi stocks at their peak last November, when will you sell them?

And if you didn't buy till they were near their peak, did you really care about PE ratios?

About the time I need to retire is when I will sell