The Reversion of the Mean

I think all asset prices got juiced when interest rates were very low. What we've been experiencing this so far this year with the run up in rates is just a normalization in price. So, if you look around the spectrum of assets out there, they all feel like they're coming back close to where they should be long run. I don't get the sense yet that we've gotten to a place where they're screaming value out there.