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Bloomberg. If you wanted a quiet end to the year, I'm afraid you are not getting one.

Joining us to discuss the legend of Wall Street, Abby Joseph Cohen, Goldman Sachs advisory director and senior investment strategist,

and she joins us now good morning to you

Abby have we seen have we already seen the top of this bull market? I think that

we certainly reached stretched valuations in September.

You know, based upon the arithmetic of earnings and economic growth and interest rates, we thought

2850 for the S&P 500 was fair value.

We got a little bit higher, but we are of course having great difficulty holding that level.

We've now moved down to the low ends of valuation ranges

uh... for all the obvious reasons there's such uncertainty about the fundamental

outlook and risk tolerance perhaps most importantly has changed it's not that

the arithmetic of earnings expectations or economic forecast have changed very

much in recent weeks what has changed is the perception of how

willing investors are to ride out this confusion about what's happening in

Washington and of course the deceleration we're seeing

in other economies around the world.

So Abby I've had conversations about this through the week.

...