behavior supports that >> let's bring in phil palumbo this morning >> thank you, frank. >> he is the voice of the market he is not seeing panic do you agree >> first, i don't believe the estimate of the price-to-earnings ratio. the estimates are off the peak 3% to 5% during any recession period, you see an average correction about 30%. in 2008, we saw 90% there is a wide range. however, when you think about what the fed is embarking on and wage increases and consumer demand slowing, you will see a profit recession which means if you take estimates down by 20% and this is important. the forward multiple today is 19 times. that means the market has to get cheaper. that's why analysts are saying 3,000. that is an appropriate level i don't agree. >> you heard 3,000 i heard 3,3500 as the lowest one thing i want to touch on is it is not 1981 or the dot-com bubble what you see is similar to march of 2020 and the start of the pan pandemic should people still diversify portfolios is 60/40 the way to go how do you recommend clients >> this is the most challenging environment. balance and asset