I think the performance gap between the new-economy and old-economy stocks is like a rubber band; it seems to be snapping the other way. The new economy sounds very exciting, but you're still going to need food, medicine and electricity to survive.

Maybe investors are realizing there's more to the economy than technology.

The valuation gap between old economy stocks and new economy stocks is getting wider and wider. To me, it's like a rubber band. You can only stretch it so far and eventually it's going to snap back.

This economy is facing a temporary setback. What it's going to take is time.