They've got to be calling saying, what are we supposed to do?

How much worse do you think it's going to get?

What's the best strategy?

What do you say?

Well, Scott, as you know, we've been negative since all my appearances on halftime.

We've been negative all year and Vents have been unfolding as we've been looking for.

In February, after Putin invaded Ukraine, we put out a client note saying, if the market

survived Putin, they still have to deal with Powell.

That's exactly where we're facing right now.

So we don't think it's a time to get aggressive or add equities even though prices have come

down.

We're in the midst of a period where the monetary landscape is changing and investors should

focus on the return of capital versus the return on capital.

So you're as negative as you've been.

You want to use any sort of rally to reduce positions that you may still have?

Yeah, absolutely.

So we've had nearly 15 years of an environment where there hasn't been a market

determined level of interest rates and interest rates are the traffic signals that basically

control the monetary highway.

And they've been flashing green for years.

That's led to a lot of leverage, excess speculation and rising asset prices.

Now everything's turning.

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