Investment adviser Phillip Patrick talks to host Steve Bannon about the gloomy prospects for the stock market.
“The markets are not looking good… Let’s remember, we are down here 20 percent from the most speculative level of valuation in U.S. history, 20 percent from an absurdly high level in the markets… We still need about a 40 percent drop to return to historic valuations. Not even a typical recession would be enough to return stocks today to fundamental values. During an average recession you see about a 29 percent drop in stocks.”
