russell 1000 data. my date-to-shows it's in line with the historical mean and approximately 80% below the peak. please tell me what i'm missing, dren. >> i tend to use humor in my research to make points. my letter was not meant to be confrontational. i have a great deal of respect for chairwoman yellen and i certainly wouldn't want anything i've ever written to be construed as disrespect. >> however -- >> however, we have a different view, perhaps, of the data on price to earnings ratios. of course, i've had no chance to interact with her staff, who wrote that section of the report. so that would be nice to do, but which i look at pe ratios and biotech i'm asking, question, are we? a bubble? i think what the fed perhaps, i'm not a fed observer, but told what the fed is looking for perhaps signs of a bubble. when i look at biotech i ask the question, is there pe evidence based on price to earnings ratios in a bubble? on that according to my data i argue the answer is clearly, no. is biotech cheap? is it a real steal here? a totally different debate. i would not take that position. so my position is a moderate one. but there was a