Is the Fed Going Beyond Neutral?

If we get to forty 800 by your end, as you're saying, that'd put us, i ten point six times forward earnings. And can the market sustain that valuation with the fed going beyond neutral and still doing c tand if so, what does that imply for 23 returns? It strikes me that it sets up a much more difficult environ. The last two times we got to 20 times valuations, 18 and 20, after melt up, market sold off quite meaningfully. I wouldn't be comfortable saying i know the path for the next tole years. But i do think we can recover much more quickly than those people expect.