john: on a political matter, she has the cover of blair efron. the capital gains proposal basically brings together an idea that the center for american progress a think tank with blair efron as a private equity investor and also a guy who is going to be supportive of this proposal so there is not uniformity in the investment community about these issues. there are many people who take the position that these are damaging and will not be popular on the right. there will be some disquiet in the middle. some democratic hunch fun people, and straight walls -- hedge fund people, and straight wall street bankers. blair efron is the guy -- she is going to point to the fact that not everyone in the investor class is against these ideas. it seems to me on the capital gains front it may be less controversial than the proposal of what to do with executive compensation. what the obama administration learned was that that was the sacred cow. there were a lot of people across the spectrum who got very upset at the notion that the government should have anythi

idea that the center for american progress, which is a progressive, left think tank with blair f, who is a private efronr -- blair who is a private equity investor, there is not a lot of conformity in the equity issues. it seems like capital gains front, it may seem less controversial than the proposals that have to do with executive compensation. what the obama administration lord, what it tried to dabble in, was that that was the sacred cow. was a lot of people learned you don't want to incentivize or change the tax code or get involved in the questions of compensation. that to me seems like a more politically explosive discussion that even the capital gains one might turn out to be. stephanie: i agree with that. would you believe in change in the tax code and historically, do you think that the consequences are unintended? greg: even if she gets the intended consequences, she will have people moving their capital from a place they don't think is any longer a great opportunity for investment to some new investment that they think is much better. so we delayed the development of nextext uber or the twi