We're already starting to see valuations get stretched again. It's not unlikely that we can get back close to 1,700 on the Nasdaq, but I don't think that's necessarily justifiable. That's just a function of trading psychology in the short run.

Adam Adelman

Already Close Not Starting Stretched Unlikely

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You can make a fair argument that they were undervalued. Some were priced for bankruptcy so it's not that surprising that we've seen this bounce.

— Adam Adelman

ArgumentBankruptcyFair

We're not even close to going that far.

I think the wholesale repeal of what's already been decided is unlikely.

AlreadyDecidedRepeal

A quicker-than-expected recovery in capital expenditure spending will probably be the biggest catalyst, if one occurs at all.

— Adam Adelman

Valuations remain a little stretched, and we could see some further weakness into the early part of the year.

— Adam Adelman