### Comment:
I think big money is getting out because they know equities will be overvalued. Forward guidance is not good. The current trajectory as of 2 weeks ago was based on tax reform not tariffs. Tariffs are going to have a big affect on earnings moving forward and tax reform not negate it.

### REPLY:
I don't know if you've noticed, but every company with even modest exposure to tariffs has already been savagely mauled by the market.  Even domestic industries set to profit from the trade war have been selling off aggressively.  
  
 &amp;#x200B; 
  
 IMO This sell-off is due to pessimistic market sentiment rather than corporate fundamentals.

### END.