This is my personal view, looking at the problem in a different way. Do not change your own ideas and actions.
There was not a bubble. !
Brokers were giving credit to the clients and they earned good interest for it. Most of the times the sellers did not withdraw money from the system , they bought some other shares. Hence the pseudo money created and grown inside the system. Brokers happily charged interest for the credit they gave without paying corresponding interest to anyone.
At the mean time, some got cash flow from margin facilities given by banks. It is acceptable because real money is involved.
Some people like me maintained "zero debt to the broker" policy most of the times. ( Unfortunately all got the same punishment)
PER was reaching 20 and 25.
Still I believe there was not a bubble. !
The bubble was suddenly found in the system when the SEC asked to settle the credit.
Now we have to find real money from outside to pay for the portion of artificial money created inside the system. Normally if a system is running well without any outside interference , artificial portions are sustained without any trouble to the system. ( If these portions are maintained within limits.)
If there was no pressure to pay by cash then there will be no bubble at the moment. Because no one wanted to sell their holding in rapid way to create a pressure.
The real bubble will be created when the prices do not match with the economic capability, other available instruments local and overseas, the background of the country etc.
Somehow, this exercise by SEC prevented forming a real bubble.
BTW, I do not think PER of 20-25 is bad for a good company in a new country anticipating and showing a rapid progress ( over 8 %) in coming years.
All will depend on the progress of the country as a whole. The current turmoil is artificial. !