. >> is bass right and is it time to get back into bonds let's bring in brian belski with bmo capital markets and then air force of international equities with harris associates brian, you say kiss my bass, kyle >> wow >> yeah, i do. i don't understand sometimes when we hear these people make binary calls that say bonds are going to zero. i don't understand that. everybody knows you take the chinese gdp number, divide by two. that's rule of thumb, number one. >> and always has. >> we believe the united states stock market entered into a 1995 type of phase. >> i was around in '95 but a lot has happened since then. a lot of brain cells have gone >> the fed misstepped the '94. market took off in late '94 in november and 1995 was the start of the nifty fifty and sought liquidity and came back for stability and great companies. >> do you think lower interest rates are possible right now because that would seem to be a key plank of a bull market argument in stock? >> you heard on tv in terms of the goldilocks the earnings recession i can debunk all of those. earnings recession is not happen

we brought back brian belski and phil plan caught toe to talk about this.every day so we look short term but longer term for investors out there? i always get worried about the investors out there when the markets stall, they tell me they're long-term investors but they end up becoming traders or start to get antsy. what should they be anticipating as year goes on? >> the next three months will be problematic for me because earnings data will be soft for a lot of reasons we discussed. >> even vis-a-vis, think how much lower they have dropped. first quarter numbers where they were a month ago, where they were now, seem like easy hurdles to clear, like little cracks in the sidewalk. >> still very low numbers. these numbers will not propel us to much higher high. take a little profit. nothing wrong taking a little profit to see what happens. however there is opportunity going into fall. it will be very much predicated two things you mentioned. does the china deal work out and we have pollyanna on the fed. if the fed decides to hike rates in september, it will

. >> for a closer look at the market impact defending, let's bring in brian belski and barry bannisterntlemen. brian, it is this a market event at all >> no, i don't think so. i think the market still is very poised here in the last week of the quarter in terms of repositioning. we had a little bit of window dressing last week i think the market is still very, very concerned with respect to what's going to happen with earnings in the first quarter. i think investors have learned that politics are events on a short-term basis but fundamentals drive stocks, and, you know, people are a little bit near term worried about what the bond market is saying. we think those worries are overblown, by the way. >> why >> well, first off, from a fundamental perspective, david, earnings have gone down too much, and we have a model that we've used for over 20 years at seas fy $2 earnings went down to historic lows in january and february meaning all the lemmings, analysts dropped their numbers at the same time, and now we've seen numbers start to tick up a little bit on a relative and absolute basis co

bring in brian belsky from bmo capital markets and david leibovitz from jpmorgan asset management whatvey, the fed survey of fund managers is sort of what we're hearing right now. and that's the risks are still on the horizon and not everyone is buying into this rally. we've seen so far in 2019. what's that telling you? >> that's a major point. good morning thanks for having us the results as steve talked about, as i heard that, excessively reactive excessively reactive they changed their forecast after the markets went down, right? what about the forecast before, right? and i think the key thing is -- >> nothing changes sen s sentim like price action. >> we were so concentrated in a few positions and we're still in the early stages of diversifying our portfolios it's showing up in the market because we've seen broad participation. majority of sectors are doing very well. the cyclical errors of the market are leading the way a reinvestment in financials where people have been massively underweight that sector. for all intents and purposes, a diversification of the markets and through m