chad morganlander is with us.ike tilray, do you say, wow, look at that speculative ball of money moving into pot stocks? >> it depends on what your definition is of down the road. if it is 20 years to 25 years, yeah, it is interesting. but over the course of the last three to four weeks, this is a speculative firm. it will take a while for real money to be earned on this with real revenue. it is looking a little bit more like a bitcoinish kind of trade or the internet stocks in 1997 through 1999. i would be somewhat more, let's just say, circumspect. alix: what, that kind of rice is circumspect? want to focus on darden coming out with earnings this morning. we have our bloomberg opinion columnist joining us. company that has staged an extraordinarily unlikely turnaround. i am sure you member star board comes in and criticizes the entire board in a 300 page report for things like not salting pasta water. it became the emblem with everything that was wrong with casual dining. 5.3% comps today. increasing profit, and

. >>> joining me now is chad morganlander from washington crossing advisers. we talk about trade, we asked dan veru in the last half hour what is priced into the market what is not priced into the market it seems as though this solidifies the fact that the path of least resistance for the markets is higher. is that, in fact, the case the markets still want to go higher can we say this market is doomed to put all this stuff away and that we're always going to go higher >> i wouldn't say that in fact, we would be more balanced and cautious at this point. we think we're in a lower return environment going forward at a 4% to 6% total return for the s&p 500. couple of reasons for that one, the federal reserve is raying raray i raising rates. the trade related issues of 2$20 billion on a $20 trillion u.s. economy really is not a whole significant amount larry kudlow is correct in the previous segment that this won't effect the u.s. economy nor earnings right now be careful because this can. >> why are all these ceos on the retail side of things saying this will hit