Do You See This as a Bear Market Rally?

The rally was based on a premonition that the fed's going to pivot, and tha we're going to have continued robust earnings. We believe that the fed is going to continue to pull away the monetary punch ball. So in 20 23, the s am ps is basically calling for a roughly 200 fortyy, three in earnings, down from two 52. And we just don't see that happening. If you look at the market today, at 18 times 200 forty, it's really selling at a fully loaded level based on where earnings will be in 23. But being out of the market obviously gives up tremendous opportunity in the long run.