president of farr miller andsh gton. he says the bull market is strong.tlemen, well nice to have you with us. >> thank you. >> thank you. >> barry a rough start obviously but you think things could get worse. why?y? >> well, first of all, all growth is not created equal. so what actually matters significantly for corporate revenues and corporate earnings is -- it's not just the manufacturr.g secin it's the spending on capital equipment and how that affects the inflationary aspect or implications or iimpulse, you will, from growth. a year ago capital involvement was quite strong. revenues were strongnd earnings were strong. this year we've had a significantdeacceleration in that capital investment. part of the. econo part of the recessions have started this which. it wash.commonplace in th 50s for example or 2001 when we had a tech there is no bubble today. but trat deacceon in the capital spending part of the economy has put significant downside pressure on earnings and revenues and can be traced back to the trade war through business confidence. way thro