david sowerby of and car advisors joins us. i want to go straight to the equity markets and why you think we might be on the precipice of a downside here, maybe sizable salafi. david: in any calendar year, the average intrigue your selloff is about 14%. we have not seen one in at least nine months to a year. while i think the tone of companies is still quite positive especially with respect to their cash flow and free cash flow growth, just the fact that more people are starting to weigh in that the fed may not be as aggressive and as soon in reducing interest rates, that could be the catalyst that sends stock prices down in the near term. out of that, you'll have an opportunity to buy names that are down 15% or more. jonathan: i know what lead on the way up, can you talk about what will lead on the way down? david: market doesn't like uncertainty. we saw at the end of last october, when the fed said get back in the pool, we are thinking about interest rate cuts, markets responded quite well. now that we are beginning to see som