What has happened over the past several months is valuations have come down a lot to where we think stocks are pretty reasonably valued here.

Sure, earnings will be slower than they were in the fourth quarter, but margins can't expand forever. But on a risk/reward basis, stocks are still attractive.

We've gotten more optimistic on earnings on U.S. stocks recently.

There are risks that inflation could heat up at bit and therefore the risk that the Fed might have to be a bit more vigilant than the market expects is the thing that makes me the most cautious.

Sometimes fixing the broken window does create real economic activity.

It has had a psychological effect so if we do get this thing settled, it will be a positive for the market.