let's welcome in chris chrisante. happy new year, chris. welcome. >> reporter: hey, kelly, nice to be with you again. happy new year >> i want to drill down into this trading action, cwhich i apologize for doing so, because i know you're a big picture thinker, but this is ugly. what do you make of it >> i think we'll have a tough first quarter. yeah, i'll get constructive when the fed stops hiking, but the fed will stop hiking for all the wrong reasons in the sense that earnings will start to slow. i think there'll be evidence that the fed no longer needs to hike, because things are really slowing down and i think that's going to happen a bit faster than consensus. and i think the market's starting to look ahead, not worry so much about inflation, and start worrying about corporate earnings >> right so, you know, this puts us back into the old conundrum, which is, the two things people say are, well, the fed can't stop hiking because inflation is so high, and they can't stop hiking because the labor market data is what it is but they're say

so we were speaking with chris k chrisante the investor yesterday, skand i said, why no apple? it cruised to be at a lower multiple last decade it's still fundamentally a hardware company it has the siccyclicality. >> one thing, i've been talking about this throughout the day is buybacks we don't talk enough about how much just tens of billions every quarter of buybacks apple is buying there's that benefit and a lot of people do credit, you know, apple hanging on and resisting last year, because of those buybacks in addition to outperforming on the demand side. and then, look, it's -- the other thing is, even if we head into a recessionary environment, people are still going to upgrade their phones maybe they don't upgrade it this year or get cold feet as a recession might come this year and say, okay, i didn't get an iphone in time for christmas i'm going to hold off another couple of christmases to see how things pan out if i lose my job, whatever but eventually, it's going to come back. the bulls will tell you, look, apple's going nowhere, sitting on $200 billion in cash, it