now to give her perspective on the bond market and how you should position your portfolio, alexander levanthal with us. alexander, always good to see you. >> it's good to see you, too, bill. i realize that you were my first television interview 20 years ago. >> yes, back when we were both in middle school. i'm sure. >> yes. >> let me ask you, there are a lot of assumptions about this. the one that stuck out to me is we will see a spike in interest rates at some point as the fed begins to draw its liquidity. do you believe that's what's going to happen? >> no, and there are a few things that i do believe have some concerns about that report. one, the term armageddon gives me great pause. >>> second, the idea investors would be wiped out gives me great pause. and, third, the idea that investors would see the immediate spike in interest rates. it actually just goes back to your previous guest that says look, we're not necessarily easing the policy immediately because we're still not seeing the activity from jobs, the economy, show that the economy is heating up. >> right. >> so what should invest