and do you agree with b.k. that you should be looking inward more domestically? or are there opportunities externally >> well, i've got partial agree and partial disagree i agree with him on the fact that i think the news out of china is a really big deal, as we've talked about on the show we've been short china we know there's continuing issues there, gdp continues to decelerate and it's affecting the dollar i think the dollar has a lot more to do with china's deflation than it does with the fed's actions. and you see that because in material prices and other types of things that have really come off hard this week especially, and it has to do with china's deceleration instead of reflation, it's deflation. so, until china can accelerate its growth we're not going to see the dollar be able to go down and you're not going to see ems pop up but we are big buyers of europe, as we've talked about before we think that can be separate from issues in china >> pete, you also like europe, right? >> yeah, i do. and specifically i look at the financials when i'm seeing name

. >> i'm with the bk it's interesting, i'm with b.k. k on this one. i think inflation -- you know what i feel about this transitory thing i think it's a lot of horse hock for you sherman t. potter fans out there. i think inflation is going to be a problem. there are a lot of people that believe that as well i'm surprised the ten-year's -- you've got a lot of push me, pull me dr. doolisttle stuff here. >> you've got a lot of references there >> i think it was rex harrison playing the role of d dr. doolittle. i think rates are going to go higher on the back of this news. i'm surprised it didn't happen today. >> if that's your view and rates are going to go higher to combat inflation, right, and that means the fed is going to start to taper, so maybe jackson hole is a non-event. people don't get to hang out so maybe they don't give you anything right, and then we get into september we have the market at all time highs. the s&p's going to be up 20% maybe that's when it happens i'm not calling this because i think it's a fun thing for things to do i just d