If we've been in an "everything bubble" in recent years, where all asset classes were overpriced, then the only asset class currently looking good are equities. Their drop has been precipitous while others lag. Other asset classes are likely to see drops as well, but they'll react much more slowly than the stock market. We don't know how much those asset classes might drop, when they might hit the bottom, or if they'll drop at all, so you end up basically trying to time the market for another asset class instead of stocks. If you're trying to capitalize on a cheap asset class by market timing, I'd just take the 35% drop we've seen in equities while it's here instead of waiting and hoping for some other asset class to eventually see 35% drops too.
This is uncharted territory. We've never seen the entire developed world shut down at the same time. We've never seen millions of people put out of work in less than two weeks. We've never seen central banks and governments make Trillions in stimulus available, and claim that they'll do whatever it takes to remain viable. We've never seen them ban turning off utilities, evictions or foreclosure for non-payment. I don't think we have a historical parallel for what's happening now, at least in modern society. Perhaps a bird in hand is better than one in the bush?
