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powell the day after the announcement and then his subsequent press conference. so there s multiple levels of uncertainty here. i would point out when the market peaked, it was not overvalued. historic will i the price ratio is 25. that s the average. the price earnings ratio is about 22. now it s less than 20. my feeling is the market is not overvalued, that there s fundamental value there and if even if the economy slows, profits grow. the basis is there for a strong market. i see you shaking your head. it s been around 15, not 25, we re down to about 13 times next year s earnings. well, wait a minute. it doesn t maic the valuation picture look better. ron, if you send me your

Press conferencePrice earnings ratioPrice ratioEconomy slowsIt doesnt maicRon insana