daniel morris, you have a brilliant short note, and i love the single sentence -- fund flows are actuallyegative. describe how fund flows are negative. daniel: i have been seeing at least a lot of reports from research highlighting how euphoric the markets are, and they have indicators illustrating that. one in particular i saw showed a subsequent 12.1 four negative returns for the s&p. we looked at some of the indices, and some of it is from fund flows. the parallel is 1999-2000 when you had the tech bubble and you were selling whatever you had so you could pile into equities, and their huge fund flows into equities and it detect during that bubble. you don't see that now. you have not seen equities into inflows all of that last year. even from the vaccine news, you maybe would have anticipated retail investors, who we know had a lot of cash on the sidelines, had a whole lot of bonds, would say this is a good time to move into equities. that's not happening. that is pushing the markets up. it is not just pressure from cash having to be put to use. tom: here is the thought for the weekend

daniel morris joins us now great to have you on the program.high-level question to kick off u.s. equities are trading near record high. european equities have been soaring since the early november period does this actually set the stage for disappointment this earnings season >> not necessarily disappointment, but i would say the expectations are all that much higher. the experience over the last year since the pandemic hit is every quarter you've have significant, positive, fwid answer has been positive essentially we were too pessimistic back in the spring of last year since then things have gone better than expected you see that in the results from the banks reducing the provisions by now we have caught up to that hopefully and at this point you should see a better alignment of better expectations. you anticipate not quite such a big amount of positive surprises in the quarter, but then you combine that with, as you point out, at this point certainly somewhat elevated valuations if there is any disappointment on those surprises, i think you'