. >> very expensive, let's bring in another voice to this conversation that is christina hooper well known to our audience it's good to see you again you heard the conversation you heard the calls from those banks, there tends to be optimistic bias on the street. you believe that to a point. reading your research correctly, listen, be smart, think for the long term, you want to buy when things are less expensive. >> brian, that's absolutely right. let me qualify that by saying we can't think of valuations right now as an exact science. these are extraordinary times, and the dominant factor impacting risk assets is not valuations, it is the fed. what we learned from the global financial crisis is that when the feds throws money at a problem, typically risk assets do well, regardless of valuations >> is there anyway to gauge valuations right now i mean, i think tim made a great point, with all due respect to our coverage i don't know what earnings are going to tell us the ceo's don't know, they're not going to say anything. is there anyway to gauge how cheap or expensive the stock mark