. >> byron wien. >> i don't know what happened to him -- kidding.ital spending and productivity, i read the article. earnings are coming down. you have to ask yourself, what's the right multiple in this environment? i think it's closer to 15 than currently 17 1/2. >> except yields are negative. you have no other place to earn. it means they trade at a premium, in my view. >> it makes it a little bit scary. no alternative. >> it's why we've gone sideways for a year, right? because both of these things, if you listen to byron, listen to you and i, you could argue that both of us have been correct at some point in time. the market's gone back and forth. i happen to think it spills over. but both of these things are occurring at the same time. that's what makes this market so difficult to trade. >> when you look at multiples, if you just trade, know nothing else, trade in a vacuum, look at the multiples, the market has been buying 16, 16 1/2 times, selling 18, 18 1/2 times. we're somewhere in the middle at that point. i would guess that the fair multipl

>> josh lipton and byron wien. >> it will get you done. >>> thanks for watching. see you tomorrow at tomorrowal 5:00. meantime "mad money" with jim cramer starts right now. watch all fingers. \s. >>> my mission is simple, to make you money. i'm here to level of playing field. there's always a bull market somewhere. i promise to help you find it. "mad money" starts now. >>> hey, i'm crepe other. welcome to "mad money." welcome to cramerica. other people want to make friends, i'm just trying to make you some money. my job is not just to entertain but to educate and to teach you. so call some at 1-800-743-cnbc. >>> it happened again frantically trying to buy anything that wasn't nailed down, because the europe kwan central banks are getting more aggressive in trying to stimulate their flagging economy. the result? i'll tell you. they were picked off! picked off. dow opening strong, but then nose-dived as much as 179 points earlier this afternoon before rebounding -- ♪ hallelujah s&p 500 actually closed up. nasdaq climbed 0.26%. j they say why do you keep doing the sh

we'll be talking to one of the biggest wisest men on wall street, blackstone advisory partners, byron wienhy he believes the two biggest risks to the market are right in front of us. when we come back, hillary clinton promising to slow the revolving door between washington and wall street. up next, we'll look at how realistic that is and whether it could actually hurt both wall street and washington from attracting top talent. all day breakfast has given a boost to mcdonald's revival but taco bell is battling back with a large number one dollar breakfast menu. details on that coming up. you're watching cnbc, first in business worldwide. we need to be ready for whatever weather may come our way. my name's scott strenfel and i'm a meteorologist at pg&e. we make sure that our crews as well as our customers are prepared to how weather may impact their energy. so every single day we're monitoring the weather, and when storm events arise our forecast get crews out ahead of the storm to minimize any outages. during storm season we want our customers to be ready and stay safe. learn how you can be