carter braxtonworth. thank you so much for being with us. take us through what the thesis is.is a constructive set up for us to feel good about going into risk assets and continuing to build position. >> happy end of year and so forth, hi team. what i want to focus on it's a macro theme. something that's highly single. not a dow jones transportation index but what is known as the s & p, 1500 super composite. and it's dominated by road and rail stocks. so, exclusively union pacific, norfolk southern. you have truckers, old dominion. not airlines that's the key. we are breaking trend here. that's an important set back. and it's not just the absolute it's the relative performance because that's what alpha is all about. with that, let's look at three relative charts we may have them here. what this is, is, you have a ratio. it's one thing divided by another which depicts a relative performance line. this is the super composite road and rail index. it's relative performance to the s & p. of course it's under s & p. that has things like envidia and envago. but a pier to pier compara