Blame the unwinding of the carry trade and concerns about emerging markets for the Wall Street selloff, but not the fundamentals, investment gurus say.
"This is not based on fundamental inflation concerns. It's based on growth in China, the subprime markets," J.J. Burns, chief investment officer at J.J. Burns, told CNBC's Mark Haines on "Morning Call."
"Many of our clients have a significant amount of money overseas, albeit with a lower valuation," he added.