Oakmark's McGregor: Yes, this time really is different

Clyde McGregor, long-time manager of the Oakmark Equity and Income fund, says he is "suspicious" of the market's recent rally after valuations didn't get low enough during the bear market to sound the all-clear on trouble. That is one key issue to investing now, McGregor says, with the bigger concern being that current conditions are different than in the past, most notably with changes in the relationship between interest rates and inflation; while certain elements rhyme with various times in the past, McGregor says the current conditions make it hard to make sense of the market now. Talking technicals, Julius de Kempenaer, senior technical analyst for StockCharts.com, says he thinks the bear-market rally has ended and the market has started a new leg down. Also on the show, Kenneth Burdon, an attorney with Skadden Arps, talks about a recent Delaware law change that's designed to protect investors in closed-end funds and Gabriela Herculano, chief executive officer, iClima Earth talks stocks and ESG investing in the Market Call.