with stockstill at record high valuation, interest rates at record lows even tax rates at record lowssensitive part of the cycle pride that is why we have seen so much volatility recently. so in this week's cover story we talked a lot of fund managers including david who are bringing some more policy analysis into their investing process. the headline numbers are really big but they are not the whole story whether to 1 trillion, three and half trillion, what you need to know is what is underneath them. savannah got appraiser david when you get one thing out of the way for us to warn beers on the show to not let your political opinion affect your investment decisions but right now we are not talking opinions with deal we are talking bottom line for that start the corporate tax rate democrats propose moving up from 21% to 26.5%, how will that affect companies and are there different sectors that will react differently? >> sure. a couple of things one repeat the actual corporate rate will so closer to 25. the so-called guilty rate jack will probably closer to 15. that's lower than biden

this is an interesting situation, flight fundamentally the stockstill -- the company still has a lot of very good things to acquit itself, right we obviously have phenomenal growth we've got businesses within the organization such as youtube which some are actually forecasting can see revenues of $100 billion a year by year 2025 to put things in perspective, the forecast for all of disney's revenues for that same year are about 108 billion. that should help give us some perspective on just how fast some of their key businesses are growing. of course they've obviously got great exposure to the cloud. at 35 times forward earnings its valuation is well above what its average has been over the course of the last ten years. throughout the ten years the street has obviously had a good opportunity to digest similar ratesof growth over those periods of time. if you're inclined to essentially bet against the stock as carter's charting suggests one might, it becomes difficult. at a 2750 shorting it is not a feasible option in many cases. buying an outright put option and i think the trade goin