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All right. So welcome to the investors podcast on your host Preston Pission is always on

a company by my co-host Stig Broderson.

And today we bring back one of our favorite guests, Jesse Felder.

Jesse, so awesome to have you back on the show.

Thank you so much for always making time for the two of us and just always being here to chat.

It's my pleasure, you guys, my favorite hosts.

Jesse, the first thing I want to talk to you about is just really kind of the current market conditions.

Last time we were on the show, you know, we hadn't seen the big December meltdown.

Well, I don't know if I would call it a meltdown, but the December pull down of about 20% off the

high that we saw there in the summertime frame, which is a pretty big drop in the equity market to come down 20%.

I'm just kind of curious how your scene are positioning in the cycle.

I think the last time you were on the show, I remember you saying the key phrase topping process.

Curious how you see it now after that 20% drop.

What we've seen since October and through the fourth quarter was the beginnings of a new bear market.

So, you know, and I look at it through the lens of fundamentals, sentiment and technicals.

You just start with fundamentals and we're still very expensive, based on any kind of valuable measures you want to look at.

Whether it's the Buffett Yard Stick or Cape Ratio, Tobin's Q, something like that.

We're all kind of still in the 90th percentile in terms of valuations.

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