Saying that stocks are cheap relative to an asset class that itself is really expensive -- that's a fragile comfort. To me the risk profile of the market in some ways is even higher than back in 1999. Back then people were buying because there was tremendous enthusiasm for stocks. Now they're buying them because they're turned off by the alternatives.

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I think we are slowing down much faster than anyone anticipated.

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It's certainly not a nonevent. But for us, it really isn't a crucial event. Fed policy matters, but it will take a long time, in our view, before earnings really improve.

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