market is not too bad for the great franchise companies, the great coke coles. they're not, they're a little bit expense piv. but the balance of the market is very expensive. and it's very expensive because we assume profit margins will go back to normal and prices in every way will go back to normal. back to the trend line. and if we do that, we get miserable 0 returns from the rest of the market in the u.s. now you get better returns overseas. you get almost reasonable returns from emerging market equities. so it's not a terrible situation. '07 was overpriced across the kitchen sink. everything in the world this is merely. >> rose: it's amazing so few people saw it. >> well, that isn't true, by the way. i have a story up my sleeve here and that in the -- >> you've been waiting to pull. >> in the great bubble of 2000, there weren't many people who were willing to debate the bulls. and so they dragged me out over and over again. and i thought if we're going to go down with the ship, we might as well go down with the-- so i went out and debated them. and my price