Yields are. This same multibillion dollar hedge funder saying its a tactical but dangerous market. Bonds should be falling a lot given the news flow and stocks could rip between now and the election if people get any kind of confidence. Pete, turn to you with the question at the top. Is it time to buy in or time to buy in. We talked about it onair monday following the brexit, scott. You looked at volatility, even though market was down 300, 400 points, these are the opportunities youre waiting for. Talking now about the risks. Yes, much higher, sitting at 52week high, alltime highs, for the s p 500. I think you have to keep in mind now the fact with these bond yields, because of where they are, scott, even though jumped up nice today, were still talking about a 1. 4, Something Like that . Where do people want to be . They have to find and have to look for yield. They have to look for valuation. I think some of the names weve seen some of the better gain weres out of recently have been
The last few years, as you know. Is value back . Its hard to say whether its back yet. I mean, its been probably three weeks where the value has started to reassert itself. But after five years of underperformance of value versus growth, the spreads in valuation are at provocative levels. Cheap stocks are as cheap as they get. Expensive stocks are reasonably expensive. And that spread has widened to the point where in the past, if you tried to capitalize on it, you would have been really wellregarded. Josh, yeartodate, value outperforming growth from the february 11th bottom, which, by the way, we mark the onemonth anniversary of today. Energy is up 12 , industrials up 10 . Financials are up up 13 . Is this the start of a broader trend . Well, i think if it if the trend of growth substantially outperforming value continues for much longer than it already has, it would be an almost unprecedented length of time through history. So to some extent, just on a mean reversion basis, you think
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