chief investment and renowned bill nygren drives me now. thank you for coming and. by one measure the market is in territory that you've only seen once in your career the schiller price ratio isn't nearly 40, the only time it's been this high was in.com bubble. i realize how do you think about owning equities, what did you take away from 1999 in 2000 that you're putting into play right now. >> one of the most important lessons from 1999 in 2000 is when some of the market gets irrational it does not mean the whole market is irrational. i think that's very similar to the situation were in today. you mentioned the schiller index which averages 20 years of earnings. if you think there's going to be a global pandemic every 20 years, if you think there's going to be housing led great recession every 20 years then stocks are pretty expensive. we don't have the opinion into us the forward multiple which is half of the schiller level 20 times earnings is more indicative for the market price. jack: you have an eclectic portfolio. you mentioned the financials and energy, you a