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Hi, and welcome to the Longview. I'm Jeff Battack, Chief Ratings Officer for Morningstar Research Services.

And I'm Christine Ben's Director of Personal Finance and Retirement Planning for Morningstar.

Our guest this week is Dave Sikara. Dave is chief U.S. market strategist for Morningstar

Research Services. In his role, Dave publishes research and commentary on the state of the markets

and is a leading voice on

Morningstar.com and other platforms. Before assuming his current role, Dave was a managing director for

DBRS Morningstar. Prior to joining Morningstar in 2010, Dave worked in the alternative asset management

field. Dave earned his bachelor's degree in finance and decision sciences from Miami University

and holds the chartered financial analyst designation. You can follow him on Twitter at

at M Star Markets. Dave, welcome to the Longview. Hey, Jeff, how are you doing? We're doing well. Thanks so much

for being here. Why don't we start in a logical

place, given your role, which is looking at the stock market. Maybe you could talk about,

through the lens by which you assess market valuations, does the market look cheap, dear,

or reasonably priced right now? And what leads you to that conclusion? So following the rally that

we've already had in the first half of this year, the market's still at a slight discount,

trading about a 5% discount to a composite of our fair values, whereas at the beginning of the year,

...