Don't lose sight of good values in the fog of war, inflation and rising rates

Craig Callahan, founder of ICON Advisers and author of a new book, 'Unloved Bull Markets,' says that investors who have relied heavily on price-earnings ratios to evaluate stocks have been fooled. He says that p/e ratios are 'totally worthless in predicting future returns, and notes that stocks were never overvalued in the long bull market run after the 2008 financial crisis, nor are they overvalued now, in a bull market that has only been stalled by current events. He adds that investors who focus on macro concerns like war, inflation and interest rates are missing the ground level action where individual companies look good. Also on the show, Tom Lydon of ETFTrends.com heads to the oil patch with an energy pick impacted by global events for his 'ETF of the Week,' Chuck gives his quick take on how to read the Federal Reserve's moves and statements from Wednesday, and Tom Plumb of the Plumb Funds talks stocks in the Market Call.