Taking a hit? Predictions are now at best a 40% hit! I don't know about anyone else, but that wipes out our retirement!
Over the long term, stock prices have averaged around 15 times earnings. Of course, some stocks can go higher/lower, and sometimes stocks in general will go higher/lower, but over time that's about what investors are willing to pay.
Right now, the average is somewhere around 25-30x. That tells me that at some point they have to go down by about 50%, as I don't believe there has been any fundamental change that would account for a "new normal".
Trump could do everything right, or everything wrong, but eventually prices will revert to normal.