We have fear of higher oil prices and the lower dollar against the yen.

My biggest fear is that there is x-amount of gas, oil, that's it, then it's going to evaporate, and then we're really going to be in trouble.

This is very different, because the equity market is actually about 28 percent overvalued compared to our models right now.

The two-year auction didn't go well. People are using that as a reason to sell. ... We're in a bear market.

We saw a lot of strength in the manufacturing sector in the NAPM report. That's why you saw bond yields rise today.

Back in December of 1996 when he gave his very famed 'irrational exuberance' speech, the stock market was actually fairly valued according to or models. This is very different, because the equity market is actually about 28 percent overvalued compared to our models right now.