Jack Ablin, CIO of Cresset Wealth Advisors, appeared on CNBC’s “Nightly Business Report” on October 10, 2018 to discuss the day’s stock market tumult. He believes this the beginning of a correction driven by the re-set of interest rates to historical norms relative to nominal GDP growth and the changing dynamic between stocks and bonds. Interest rates globally have been deliberately held too low for too long in order to stimulate risk-taking by investors, but now central banks want to get rates back to “fair value”. Jack considers fair value on the 10-year Treasury to be 4.5%. He believes equities are facing a 10% correction and as a long-term investor is looking for opportunities to buy into the downdraft because corporate earnings are very strong.