and Megan, uh, even with today's uh, bounce in the, uh, in the indexes, you still have the S&P down 2% on the week, almost 5% off of its highs. Has this pullback um, kind of changed the riskreward in your view or or given a signal as to where to go next within the market. >> Yeah, I think this has been a bit of a healthy development for the market.We've been watching with a bit of trepidation that the market just keeps continuing to climb higher and it's been a pretty significant momentum trade. I think wha ...

Core Viewpoint - The recent market pullback is seen as a healthy development, indicating a shift in sentiment towards higher quality companies, which have underperformed in the past six months [1][2][3]. Market Sentiment and Valuations - There has been a notable underperformance of higher quality names, suggesting a shift in market sentiment where valuations and balance sheets are gaining more attention [2]. - The speculative and aggressively valued stocks have driven the market to recent highs, leaving higher quality companies behind [3]. Economic Indicators - A stabilization in the labor market, particularly in small businesses and cyclical sectors, is necessary for higher quality companies to thrive [5]. - The ideal scenario for these companies would be a "Goldilocks" environment, where economic conditions are neither too hot nor too cold [4][6]. Recession Risks - There is a 45% probability of recession within the next 12 months, which is considered uncomfortably high compared to other Wall Street estimates [6]. - Current labor market conditions show some cracks, and clarity is expected in the coming weeks regarding the labor market's direction and potential productivity gains from AI investments [7].