Market mean reversions are all psychological. It's basically at some point that investors go, I'm out and they're all out at one time. And we've seen some of that this year. But there's an interesting conundrum that's going to be coming up here because again, let's take a look at PE. If earnings come down, price is going to move up; if it doesn't, valuations will stay the same. So here's the bad news: Earnings are going to come down, but prices have to fall faster than expected.

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