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strategist at europacific Capital author of The Real Crash and how an economy grows and why it crashes Peter welcome back to the Schwab Network thanks for welcoming me back absolutely uh so right now weamp;#39;ve got a market that just went through this huge volatility event one of the biggest in 10 years give me your kind of 60-second take on uh what do you think happened well and obviously the markets were reacting to what happened the night before in Japan you have uh you know 12% decline in the market like that uh gener youamp;#39;re going to have a sympathetic selloff uh and I think you had people coming in you know just to buy the dip but I think they theyamp;#39;re missing the bigger picture even before the uh the events of Monday um we weamp;#39;ve been having a rotation kind of quietly and itamp;#39;s accelerated last week out of um momentum type stocks into value stocks probably been going on for a couple of weeks and I think thatamp;#39;s because investors had started