david kostin is the chief u.s.ns us this morning at post nine. great to have you back. >> nice to see you. good morning. >> when did you guys come out and say we were going to have a rough patch some time in 2014? when was that? >> end of last year and we anticipated a pullback or a correction at some point with a pretty high degree of likelihood. the thing we've been focused on right now is the characteristic of this rotation. and what's unique about it or the common attribute is the stocks that have the highest expected sales growth and those are the companies, it's not just those in biotechnology or social media or internet it's a broader theme, the expected sales growth has come into question and in general, a value based vatgy has something over time been more successful than purely looking at growth particularly on the top line. we've been focusing more attention on companies that are focused on buybacks as one strategy or companies with high degree of operating leverage as way to mitigate the risk of just lo

david kostin was on yesterday. think he's remarkably good, i have to tell you -- some of the work he does is that -- hedge funds own gm. they own aig, there's a kiss of death thing here. you have to get the hedge funds out before gm goes higher. >> we talked a lot in the last couple weeks, hedge fund ownership the pain they've been suffering and look at names where they are heavy in the ownership because they have been taking gross exposure down as a result of losses in different parts of the portfolio and that means, obviously, taking leverage down but also just taking the draw down so to speak, selling the stock. and you want to look at those names. others look at those names to short them. >> people shooting against the hedge funds. i talked last night on "mad money" about time warner and cbs. one point i hadn't read coatue's holdings, $7 billion to $5 billion. >> they're very well known. he's been on with us, somebody i know very well represented, tiger cub. >> tiger cub. >> has done an extraordinarily good job