in this place two true plays, transocean and ensco.an look the really good but the fleet was aging and balance sheet stressed by bp spill. i read a great article in "new york times" reading they had more to do with the spill than bp. ensco, much newer fleet of rigs, less maintenance, broader customer base, exxon and chevron, not bp. contract prices on the upswing and they got a tremendous deal. they say they stole pride international. another drilling concern. i said not only would ensco blow away numbers, but it had a multiple year earnings path as clients won't cancel deep water rigs because the oil pricings plummeted for a couple days. what happens? terrific quarter, oil goes up and ensco rallies around 14 points. i know it because i owned the stock for my charitable trust. i got greedy. trust trim a bit of position, took very little off the table. that's such a huge move, they need to take off at least 25% when you get a 25% increase in price. then price of oil plummets, goes down hideously. people can become concerned ensco won't

the company reports a terrific quarter, oil goes up and next thing ensco rallies around 14 points. own my stock for the charitable trust. i thought the story was so fabulous, though, that i got greedy. trust only trimmed a bit of the positions, took very little off the table, even though that is such a huge move and my rules say take at least 25% when you get an increase in price. then out of nowhere, the price of oil plummets, goes down hideously, you know, people can become certain that ensco won't make its numbers, that's how it works. even as the multi-year contracts don't get canceled because of a quick futures downdraft, nevertheless, the stock plummets to $42, and now i have round tripped the darn thing. round trip, gave up all my gains. can you imagine? now you've got to put yourself in my head. with the 423 people in there, don't tell the fire martial. all i can think of is if can get a little bit back to even, i'm going to get out of there with a nice big gain. turns out the stock goes to the high 40s and what do i do? i skeedaddle. do i say that the earnings were better

they look okay today in terms of trading and names like ensco, nob and rdc and rowan companies and youabout 356. there's a huge surge in all of these three stocks individually and the theory of the trading floor is that there was analgo come into the close and you see that spike higher and a fall lower and if you piece it together, what happened in the credit market the day before and what happened with with these drillers, it's just -- nobody knows if there is a connection, there probably isn't, but it makes you think. >> how did do you protect the people from the algorithms? >> i do wonder looking at the macro again about revenue growth and how strong or whether there will be any at all. i talked about the picked income markets we remarked on. record high yield issuance, and it does have an impact on equities, don't forget that, and you meant the top line growth as a company, but if youio can refinances, that's immediately accrete testify free cash flow and that gets into poem's metrics in terms of stocks and makes them cheaper. >> that's what bank of america is doing, calling debt a