All right, sir. Thank you very much and welcome everybody to overtime.

I am Scott Wachner. You just heard the bells. We are just getting started here post-night

at the New York Stock Exchange, and we want to get right to our talk of the tape.

That dire warning moments ago about stocks from Star Investor Scott Minard the chief

investment officer of Guggenheim partners tweeting as we said just a few minutes ago

here it is quote since 1960 PEs have trended lower when inflation is higher, with year-over-year core

PCE now at 4.6 percent and S&P 500 trading at 19 times, we should see stocks fall another 20% by mid-October if

historical seasonals mean anything. We welcome in Mr. Meinard right now he

joins us in a CMBC exclusive interview. It's great to talk to you again. A rather ominous

warning, why now?

Well, Scott, look, the, um, uh, first off when you're looking at history and that's one of the things I try to spend a lot of time doing

It really is stark to see the price earnings ratio where it is and why right now

Well this is seasonally the worst time of the year.

And August, September, October are the worst performing times for the stock market.

And given the recent strength over the last few days it just

appears that people are ignoring the macro backdrop monetary policy backdrop which would basically indicate that the

bear market is intact and given where seasonals are and how far out of line we are

historically with where the PE is, we should see a, I think,

a really sharp adjustment in prices very fast.

You're basically saying there's no justification for why stocks are trading at what you think is an elevated valuation,

whether it's to where they should be now or relative to history because you don't believe that earnings are going to be

able to be sustained at these levels. Exactly and the the other thing to

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