The new Apple iPhone is not the only thing that got bent out of shape this week. For what seemed like little truly market moving information, equity markets decided that it was time for a tumble. Sure, jobless claims in the US rose a bit, Russian strains continued to be present, and Japanese inflation fell calling into question how much Abenomics has really done. But for the most part, those issues have been in the market for some time and we did not see any change in fundamental outlook from any of them (as of yet). So far in September, anything rate sensitive, energy-related, or smaller in capitalization seems to be taking the brunt. Overall, we see little fundamental change in our outlook that materially changes our opinion. Instead, there is likely some degree of psychology at play. With equity indices in the US reaching new highs earlier this month, there is a mind block of why equities can go higher. While the price level may be reaching new highs, valuations are not. While P/E multiples in the US remain healthy, they remain the most attractive source of long-term total return and cash flow (current yield and growing) relative to fixed income. Thus, we continue to view any weakness in the equity market broadly as an opportunity. So far, the downtick has been minor in the long-term scheme so we are being patient.