you're seeing starbucks' results, mcdonald's warnings, delinquencies of credit cards. i do think 50%, 60% of americans have run out of savings and is going to start pinching their pennies. >> we have jeremy with wisdomtree do you agree with what barry sternlicht has to say? >> if you're doing a lot of real estate development, the borrowing costs are going up, they bought a lot of buildings where cap rates are much less attractive you understand his pain. i would say you saw some signs in the mcdonald's, starbucks we talked about it could be they raised their prices too much. you haven't seen unemployment tick up. we can describe it as goldilocks not too soft, not to hafrmd earnings are doing well. i'm not seeing weakness. >> you're seeing earnings coming in better than expected. you kind of gave us a pick today. you're talking about this in your own book. you believe there's an upside when it comes to japan. >> it does come to valuations, and i would say one of the master value investors you heard -- i was listening to becky's interview of warren this weekend after the