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Really pleased to say we've got a class act in the studio today.

Howard Ward, C. I.O. of Growth Equally Funds. Good morning, Jonathan.

How much damage have we done? How long does it take to recover from something like this?

We're up 3, 4%, we're down 2%. Next day, same thing thing following day different.

Well last week in about seven days the S&P 500 erased two and a quarter years of gains.

So the damage has been severe. We were down on closing prices at the low, I think, 13% from the high of just 10 days or so ago.

So significant damage and typically when you have that kind of

damage the market doesn't snap back. Now if you have a fat finger flash crash where

it's not a function of deteriorating economic fundamentals the market can snap right back.

That's not the case here. We have a global health care crisis emerging and people are

resetting their expectations for growth and earnings and stocks are resetting as a result.

So it takes a while to recover from the amount of technical damage the market has incurred and I'm talking about a period of months.

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