Is the Pendulum Swinging Fully the Other Way?

I actually think we need to see the pendulum swing fully the other way, getting valuation really cheap across the board and seeing capitulation selling. We haven't seen that in this cycle. I'm probably waiting to see kind of a 4P to go closer to about 16, which is kind of the historical low. So does that require a flush or does it require maybe we don't get the flush, but we get four quarters worth of earnings starting to recover? Yeah, I'd say big institutions to kind of rebalance back and go into risk on. The kind of big, steady money. It's probably going to take a few quarters of, you know, earning surprising people

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