But amid the morsels of value, the broader market looks to be buckling as recession creeps more and more into the conversation. And even as growth worries mount, the inflation focus at the Federal Reserve and other central banks means investors can’t count any more on the monetary elixir that’s helped to keep alive the long-running bull market.

I don't presume to know exactly what happens next. Maybe the market recovers from here? But looking at past market cycles, the large downturns that end bull markets tend to revert significantly below historical valuation trends. And per most models, we're not even close to that yet. So I would say that there is at least a very good chance that this downturn continues.