The Economic Impact of the Banking Crisis on the Equity Market

The SMP is actually trading roughly around 18.8 times for earnings right now over the last 12 months. So that's a 16% premium to the 10-year average. A lot of the higher valuation is due to the better macroeconomic condition we have, but I think because of the tighter financial conditions and some of the declining corporate earnings, could come down with it going into year-end.