matt maley is here with us matt, this is an environment where it is easy to say buy stocks now because they were cheaper than five or six or nine months ago why can we expect this to be more of a bottom here and not retest the lows that we saw or test the new ones? >> i think it is a buying opportunity. the market is too expensive. it is one thing for the stock market to have sold off a lot. that's great the problem is that the market has become expensive 22 times earnings and it has to fall further for it to get back in line with the fairly value level. to actually price in the fed tightening already taken place i think the likely recession that's coming. i think a great buying opportunity is coming, but after we reach new lows or trade below october lows. >> if we're not there yet, that implyies you can wait before getting in the trade what exactly is the place or where are the places you would invest in the lows do come to fruition in the next coming weeks or months? >> the places to hide right now are still in the defensive names. especially the high dividend payers ones not just p

kailey: well, let's see if matt maley is going to phish. fan? 't be attending the concerts, i'm afraid. kailey: well, your attendance that matters is your attendance here this morning on "bloomberg surveillance." matt was talking about how 4000 became the consensus and we may not reach that level this year but that was after expectations had to be dramatically reduced from what they were at the start of 2022. what we expected this year would bring. does that mean that expectations for 2023 are also overly optimistic? matt: well it's funny one of the things we have heard a lot of is about the bearishness on the street the last couple of weeks. that sentiment has just changed dramatically but you are right, people have become much more bearish and talking about things dipping further. they said at the end of the year it will be fine. i am concerned about that, by the end of the year, the biggest problem that we face is whenever the market gets to an overvalued level, the bear market always lasts longer than just a year. often 18 months or just a li