Phil, Mike, and Larry discuss why the Dow Jones Industrial Average gave up all this year’s gains. Partly it’s hotter-than-expected inflation numbers, but also valuations. They talk valuations and Bloomberg saying, “the S&P 500 is roughly 20% more expensive than it ever was during the Internet bubble.” After that they consider the storms hitting California and whether the wreckage has a big impact on the economy.

Submit your questions to [email protected]

As always, if you have any questions at any time, please feel free to call your adviser directly at (845) 691-4035.