for more now, we're joined by scott minerd he joins us on the phone always a pleasure. i think you wrote recently notes for this very interview, the tug of war between stocks and bonds is just getting under way. what do you mean when you say that >> well, you know, as interest rates are rising, one of the concerns people have had is that, you know, it's going to make stocks look more expensive. and we're starting to see that the market doesn't really have the stomach to see an increase in rates as we approach 3% on the ten year note and concerns about the federal reserve last week were increasing that maybe we weren't going to see three rate increases but maybe we were going to see four or potentially more, i think stock investors began to consider whether, you know, it was time to take money off the table and reallocate the fixed income >> history would show tlus are certainly been times, scott, where both the equity markets can move up while yields are also moving up would you expect the same in this current period ahead for us >> i think that rising interest rates ar