First up we have Bill Gurley essentially doubling down on $SFIX I think Gurley has a pretty undeniable track record as a private investor, but I can't help but wonder what he sees in this stock?

Is he hoping for an acquisition and a quick return here?

Next, we have $U and $IS all-stock merger. Unity also cut full-year guidance and is down 8% pre-market while IS is up 57%. Those initial reactions tell us how the market feels about this announcement

$DOCN got downgraded from Buy to Sell at Goldman... a pretty harsh "double-downgrade". Goldman cites expectations of softening demand and fading tailwinds in segments that have done well over the past 12 to 18 months.

Last and probably most concerning is that fastener maker Fastenal $FAST saw signs of "softening demand" in May and June. I would expect more companies to come out with results citing similar as we are likely already in a recession.

Does this mean we should sell all of our stocks? I'm personally not. But I'm in the accumulation phase of my career with a lot of years left of investing ahead.

I do think it's very important to own the RIGHT companies at the RIGHT valuations. $FAST got WAY overvalued on a P/E basis as indicated by the black line (current price) being way above the blue line which represents its average P/E of 30 since 2011. We can see earnings have grown 11% per year since then and analysts were expecting 18%, 7%, and 7% earnings growth over the next three years.

If those estimates come down and/or the results miss, then Fastenal's P/E isn't as low as it looks and could compress even more.