Despite what we've seen in terms of the bear market, a correction, whatever word one wants to use that we've experienced, the market's still pretty expensive. So I say to people is there's an old rule of thumb which is going to sound ridiculously silly, but it's not that far off from what the math actually says it is. Three sectors have dominated the S&P 500: technology, communications and consumer discretionary. If you go away from those three sectors, I think you're going to find valuations are more conservative and the menu of opportunities is monstrous.

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