that is why central banks are aboutng about -- to talk stability. better than expected. some positive fundamentals but you need them to be turbocharged by policy. you'll remember in july 2014 when the federal reserve commented on asset prices. that time it was about social media stocks. maybe this is unfair to the federal reserve because twitter has done dreadful since those calls came out, but the likes of facebook doubled, and more, up 123%. that is why i wonder if we should care what the fed thinks about valuations when the caution against social media stocks, and you have made a fortune in a company like facebook. why doesn't matter so much more this time around? central bankers should not comment about specific segments and certainly not about specific companies. but when they have contributed to the overall stock market rally by injecting liquidity, by pushing people to take more risk , that's been the transmission mechanism. asset prices has been a transmission mechanism. they are part of the phenomenon. another thing that i think they are wo