Valuation- the S&P 500 on 2024 earnings is 22x and 2025 is 19x. We had been expecting a -10% pullback this quarter and we got it, now with about a 4.3% bounce off the bottom on August 5th. The economy has been slowly, slowing and believe a recession is likely. We are concerned the earnings expectations for 2025 are too high and if the economy does fall into a recession earnings could actually be flat to down relative to 2024.

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