we think we'll still lumber along, but we don't see a nirvana economy with accelerating growing. >> cambridge has said zero growth for next year. are you expecting again, the f 11.4%. if you look at the three years, 8.61%, the five years, 9.61%, all comfortably above that 7.5% assumed rate. the only period where you don't make that is going back to ten years where you had the two significant melt offs, some of which we will see drop off more diversefied portfolios against why didn't you buy 60% in bonds, and you see why you didn't. that's a difference of about 3%, which if you applies to your beginning assesses, which is about $3.8 billion of increment al returns. indeed, indeed, you chose managers that did well on top of that. you see the rankings there. so extraordinarily good returns. if you then look at the risk you took, and here, we're using the risk measure as volatility going to the tables to the right there, over five years, your annualized standard deviation was 5.4%. in the 46% were less volatile than that. when you combine that lower volatility than the typical peer with the highe

economy. the lowest job claims since 1969 with lower inflation than the guns and butter of 1969. this is a nirvana moment for the banks. nirvana. hey, by the way, i like citi group, too $69 to $75 off a good outlook last week. citi sells ten times the earnings and it's down more tan five bucks from the january highs. what's not to like second value cohort is the strooel industrials. the stocks are leaders now today baird upgraded highlighting how well the company is doing away from china and parked to rally in the group. this piece of research put a spotlight on a sector that many investors have been way too worried about to touch it was too hot now that we are starting it quantify exactly how much damage the trade war can do, industrials look more appealing. even if there is recent runs, caterpillar stock went from $138 to $156 including today. it's off 17 points from the january highs. hey, doesn't that mean it has room to run? for those of you really concerned about that move, listen while the stock was marking time its earnings went higher it sells for 12 times next year's numbers i think you