joining us for the first time in 2014, daniel morris, global strategy at tia crest asset management. el, happy new year to you. >> thank you. happy new year to you. >>> quite some performances we've had, daniel. we can't possibly repeat that, can we? >> well, it would be nice certainly quite unlikely. if anything, the returns that we had last year at this point were probably a bit better than we would have liked. generally, fundamentals were good and earnings were growing, but nearly 30% return is a bit too much perhaps. so you've got to wonder how much of that we're going to be able to keep into the next year, so consequently modest expectations for equities in 2015. >> we've discounted an awful lot of growth nein earnings with th 2013 performance. >> exactly. and you think it's a combination of growth and earnings which was still quite good. increase in valuations, equities at this point are not cheap. they're probably a bit above averages in terms of pes and then, of course, whatever the effect is from the liquidity from quantitative easing. that's the big unknown. as that dissipat