Is the Real Number 19 Times the Real Value of the Market?

We think the rally was at first supported by the macro. But since august, we really haven't had that makra support. We saw bets that the fed would cut rates in early 23 get walked back completely. Which meant that this equity market was at risk because it was expensive. It was trading at 19 times earnings,. That's far more consistent with a fed that would be easing policy, cutting rates. Afad, that still is clearly tightening. You want to respond any of that, i was just dividing here. I think we'll probably ad 19 times the real number.