lets bring in kate that is grace capital president and chief investment officer and kate of course we understand the big tech sell off it was trying to reevaluate a lower net present value with a higher discount rate but are you worried that thats now spreading to other sectors of the market i am worried that its spreading to other sectors of the market and i think if you look at what happened to walmart and target that was a big shocker and was really quite a marker i think its over i think things are going to be tough for a while even in the the least beaten up names and industry groups like for example what was notable is why even towards the end of day energy managed to catch a bit of a bed but even energy has been under pressure of late and thats been the only place to hide from a sector perspective this year thats right and i would not overstay my welcome and energy remember energy is cyclical and the cycle always turns in energy so i think i feel very insecure that i dont think there is going to be anywhere to hide because you go and say well what do i sell my client wants to raise cash do i sell whats already beaten down or do i sell what hasnt been beaten down so youre going to see this rolling movement between selling the beaten down names for tax purposes and selling where there is value so i think when you see this market its going to be indiscriminate so cash is then the place to hide cash is the place to hide maybe some unis i mean you can get a three the three year bond you can get andy two point seventy five two point eight percent and you might say well gosh youve got inflation why why hide in cash i think if you have a modest cash position youre going to find some great values have time to take a deep breath wait for earnings to come out look at the fundamentals and find some great place to to to redeploy your cash how much are you having to talk to investors at the moment about the difference between short term investing long term investing about remaining committed about i mean some people saying just close your eyes and wait your teeth and get through this but all a lot of people wanting to bail at these moments people are nervous and they want comfort theyre not ready to bail yet which is what makes me nervous usually at the time they ready to bail thats probably the time they shouldnt so thats another reason that tells me that theres probably more to come but i think in these moments you have to take a deep breath and say what has really changed what in the fundamentals have changed and if theres been no change in fundamentals no change in strategy you kind of have to you do have to grit your teeth and hold on dax fundamentals though change this week with the big retailers they did not i think what changed what has changed in my mind is valuation valuation hasnt mattered for the past five six seven years everything was overpriced i mean everything not just the tech crazy tech everything was overpriced because the discount rate but now valuation is starting to matter again so this is the question is how long are we going to be in the situation where valuation matters the fundamentals are strong the economy is strong we have employment we still have were losing employers were losing employees every year baby boomers retiring the economy is strong you still cant get a plumber you cant get housing is strong the real question is what is this recession going to look like if we are going to have a recession its going to be a recession unlike anything ive ever seen before because housing is strong employment and strong i dont see layoffs down the line i think this is really a valuation game the market just got way ahead of itself