i do support a 5-year capital gains beginning at five years recognizing that short-term gains are nothing really but wages. you know at the present setup 12 months you can get capital gains. that doesn't make sense to me. i pay wages to workers. tax on wages, their 12-month income equivalent. and here somebody can invest. make a short-term gain and get a different tax rate. i also would like changes in a tax law to very high wages people millions of dollars a year. i recognize that as business profits not wages. they are bypassing the business tax by paying these high wages to employees. i'm thinking of glaring example are the hedge fund managers where they make incredible billion dollars a year wages and they're taxed at a capital gain rate but they are employeings of a business. it just make any sense to me a small business man what's going on. host: let's let matt respond. guest: it's interesting that you mentioned the hedget fund because to me one of the most instructive elements of the capital gains debate is looking at carried interest. the interesting question is when you have a ta

you have few gain huge -- huge gains in airlines, trucking, etc. >> thank you so much for joining me.will hear from a home at el-erian in the next hour -- muhammad ali arian in the next hour. stay in the loop. ♪ >> this is another example of how fast moving the situation is. we are getting news that no victims are reported in the second hostage situation in east burress in a supermarket. -- chris in a soup -- paris in a supermarket. >> the french interior ministry says there were no victims. earlier, you had to separate news agencies reporting to deaths. -- two deaths. schoolchildren in the area are being confined and not able to leave the premises. the suspects are one woman and one man, perhaps there is more than one person involved. it would now appear there are two people involved in this hostage situation in the southern part of paris. this is a separate situation to the one at charlie hebdo. there is still a standoff between the police and the two gunmen in northern france. there are no victims in the northern -- paris incident. >> let's get back to the other top story at home,

the average target is 22.25, marking a gain since last year. -- 20 225, marking a gain since last yearason is lower oil prices. that supposed to be a tailwind for u.s. companies. maybe people are pinning too much on that given the retail sales number we got earlier this morning. also improving earnings and expanding margins, even though profit margins are at record highs. the fly in the ointment there is the big s&p 500 companies rely on overseas markets and a stronger dollar may get in the way of that. we heard noises from companies pre-announcing results. jeff dunlop says the bull case here for the u.s. economy rests on the labor market and how the economy is growing jobs. that is with the bulls are holding onto right now. >> scarlet fu, thank you so much. get the latest headlines at the top of the hour on bloomberg radio and streaming on your tablet and on bloomberg.com. that does it for this edition of "autumn line." -- "bottom line." "street smart" is next. >> welcome. we have minutes to go until the close. oil prices reverse losses, and the federal reserve said the u.s. economy c

a gain of 1.1%. s&p has got the biggest gain percentagewise, 26-point gain but it's up 1.3% right now. >> a lot of green on that map. meantime, foreign exchange brokers taking it on the chin thanks to that swiss surprise. we're going to speak to the ceo of one big one just ahead. stay tuned. at ally bank no branches equals great rates. it's a fact. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda. at ally bank no branches equals great rates. it's a fact. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda. >>> 8:30 left and we continue to set some highs for the day. a moment ago the dow was up 190. art cashin walked by at the beginning of the commercial break and said we now had about 100 million in stock to buy. given t

he tends to do that by hiking the capital gains rate up. keep in mind the president has already raised this rate from 15%, then to 23.8 23.8%. he wants to eliminate loopholes and pay taxes as soon as those securities are inherited. kids, you're not getting away with anything. for many, that's the equivalent of a ten percentage point in the state tax. i could go on and talk about the fees on roughly 100 firms of assets of more than $50 billion. i could mention how these new taxes would be in addition to surtaxes on the rich for medicare and asset sales related to the president's health care law. i would be open to this kind of stuff if the president didn't say well, stuff it to financial restraint. still talking about free college and free internet. strategically investing money we don't have on giveaways that hasn't given this economy a big boost. why is he doing it all now? here we go again. sometimes, sometimes i wonder why the other side even bothers showing up. republican congressman luke will be there. he sees this pattern of the more

the dow with about a 1.5% gain. it was up more than 300 points, now a little bit off of that at 17853. the nasdaq higher and really the standout here among the major barometers, up nearly 1.75%. that's a nearly 80-point gain. and the s&p 500 higher by 31 at 2056. again, about a 1.5% gain. let's take a look at oil, which is weakening just a bit as it heads into the close, as you see, now down 85 cents a barrel at $47.83. >> and we'll bring you the settled prices at the bottom of the hour. >>> meantime, happening now, paris is dimming the lights on the eiffel tower to honor the victims of yesterday's horrific attack on a french satirical magazine. one suspected gunman is in police custody while two others remain at large. cnbc's hadley gamble is live for us in paris. and hadley, what is the latest in the hunt for these killers? >> reporter: well, mandy, this is undoubtedly the most elaborate manhunt in french history. we have 88,000 or more security personnel scouring the country for these two wanted men. essentially

gains around .6%. what mario draghi will unveil in terms of the bond buying program and how much will be put in place in terms of how much money will be put in place in terms of bond buying and especially which countries bonds will be bought. that will be a big catalyst. the other factor to put all of this into perspective will be the german sentiment data coming out in the next hour. driving into that we're looking at europe's largest economy. germany up about 40 points in today's trade. the cac 40 up 30 points. interestingly enough the swiss index another day of green. the second day of this rebound in swiss equities continue after last week's move to the down side when the snb made that unexpected policy reversal. seeing a gain of around 1%. what does this mean for currencies which has been the story ahead of the ecb meeting on thursday? we did look at the euro hit an 11 year low, 11459 versus the dollar. plunging from its high it hit in may of 2014. got you that stat. let's look at how the euro is

even if it's a $40 million capital gains, that goes untaxed. it's called stepping up basis and they plan to get rid of it. even some republicans i know think this is a loophole that ought to go. then they raise another 100 billion, by the way, by increasing a fee on 100 of the largest financial institutions, all of which have assets of 50 billion to the extent those financial institutions are leveraged, which is one of the things that got us into this mess in the first place. what do they use it for? basically more opportunity for folks to get an education, for folks to pay for child care, tax credit for a second earner. there is some college benefits. there is an automatic enrollment into retirement plan. you'll hear him tick through all these tomorrow night. i think they come under the rubric of kind of enhancing opportunity for the middle class. >> david coren, what are the politics of this? >> well, i think the president is talking in a way that most democrats are going to like if they go and swing voters and moderates will find very appeal

coming up, the sixth straight gain of market gains. for a look at how it impacts you, we are joined by mike holland. michael far. thank you for being here. mike, why don't we start off taking a look back at what happened in 2014. do you think this is the type of thing the trend can continue with us continuing to go higher or do you get worried after six years of gains? >> whenever you have this long a period of higher prices, you begin to get cautious, at least in the motion. but the reality is the facts are behind this thing with respect to both the federal reserve and the economy. the federal reserve has been joined by all the other central banks of note. the economies across the globe are getting a little bit better or a little less worse if you will so that for the coming year, it looks like we may have more of the same. but having said that, yes, we get cautious. and i have raised cash. >> you have? >> sure. >> is that waiting for a dip in. >> humility over the years when i have had this much good luck, i have to say, it may not c

capital gains realization plunged by half. revenues went up roughly 80% more than they would have following the four-year period of enactment under the than they would have under the higher rate. >> but wasn't that a temporary affect based on certain kinds of frozen capital that caused you to jump in on the jamboree when the rules changed up or down. >> that's the president's goal. he is saying he wants to unlock unproductive capitol that is trapped on this so-called stepped up basis. i think there are better ways of doing that, and one of them would benefit the middle class. we can talk about that on the other side. >> when we come back, a closer look at some of the proposals like a tax break for college tuition or tax credit for double earner families. the president said middle class economics works. we'll talk about how in a minute. stay with us. >> welcome back. i'm ray suarez . the al jazeera monmouth university poll said that the economic recovery has not yet touched their families. the president roughed out proposals fo

that would have a new capital gains rate applied to it. they will try to move some of that money towards the middle class. despite the great topline economic numbers the middle class is still struggling. >> if republicans are opposed what is the strategy? >> republicans wasted little time coming out against these proposals. they say it is an attack on the wealthy. there's a couple of things administrations administration officials are looking to do. they are happy to have this fight over and over again but they're also setting down a marker. they are trying to do corporate tax reform or individual tax reform. this is the opening proposal. perhaps your publican's can come to the table with one of their own proposals. the idea that this would move forward in a republican congress, it will not happen. >> this is been a different rollout ? >> the viewership on traditional media is not the same. there is a 20 million person difference between when bill clinton was speaking and president obama speaking on network television now. they have tried

there were fears of a massacre if the g hottest gained -- jihadists gained control.any watch the battle rage on from this camp in turkey. now there is some hope that they >> we want our fellow countrymen and the countries that have helped kobani to pave the way for us to return. let us go home. security forces should be established there to protect us against violence. we should be protected so those vicious people don't come back. >> we want to see those villains completely juvenile way from our town. we want to be protected. we want countries to help us. >> but for most, it is still a long way back to kobani. fighting continues in the region and for now turkey says it won't open the border to let the refugees return. >> back here in europe, the european union is discussing overhauling anti-terror laws in the wake of the attacks in paris three weeks ago. >> interior ministers from across the eu are meeting in the latvia capital to look at measures including internet surveillance and storing airline passenger information but critics are asking for more details on wha

and this is the path that i took when i went to meet shawn gaines. >> 29-year-old shawn gaines had spentost of the last six years in the special management unit, awaiting trial on a first-degree murder charge that could land him on death row. >> i've lived here longer than i ever lived in one spot in my entire life even growing up as a kid so it's just, you know -- i have yet to call it home, but it is what it is. >> gaines may not have wanted to call it home, but his security threat ranking dictated it. he was segregated because he was once a major player in a violent arizona skinhead movement. >> i was the notorious leader of that skinhead group. my lifestyle was full of hate and violence. >> so with all of that hype, i was expecting shawn gaines to be a very intimidating character, but when i first met him, he wasn't. he looked a little bit more like a benign, pudgy teddy bear, and he was nice. >> i've taken up drawing. i can't quite say i'm an artist but i like to draw a lot and three times a year i draw a large stack of cards, and i donate them to the children's hospital. >> but gai

reagan tax capital gained. point one. point two we've gone from 10 president unemployment to 5.6% unemployment. >> the labor was back what it was in 2009, it would be 9% unemployment. >> we've seen deficits cut by two thirds. we see 10 million people with access to health care now health care costs growing at slower rate than any time in 50 years. and we're creating more jobs through oil and gas and clean energy than ever before. ask yourself that, chris what are the data telling us about what's happening to the economy? the economy is coming back, it's growing but we are focussed on a simple fact for too many decades with stagnate wages the middle class has not gotten its fair shot. we'll make sure it does. we'll keep pushing this. we will not trim our sales on. >> mr. mcdonough, thank you for coming in. always great to talk to you. >> thanks, chris. >> i always enjoy it. >> so do i. >>> up next, our sunday group joins the conversation about speaker boehner's invitation to israeli's prime minister, yetnetten y

. >>> housing, home price gains slowed last year. mortgage rates stayed near lows. diana olick with trends at the housing in 2015. >> reporter: the housing recovery took a step backwards in 2014 as home prices rose too far, too fast. and incomes couldn't keep up. now as employment improves and price gains ease 2015 is looking brighter. but perhaps even bumpier. as buyers run head on into

nasdaq up 13% and s&p gained 11%. its third straight year of gains. as for many predicted yields rise this year but the ten year yield finished at 2.17%. that's the biggest yearly drop since 2011. while utilities and health care were the top performing sectors, the best performing stock was southwest, up almost 125%. the global market that outperformed all others is an unlikely one. argentina, up almost 60% and that's despite battling a debt default and currency crisis. >> of course you cannot talk about 2014 without discussing the biggest surprise of the year. energy. which was the worst performing sector. crude oil saw biggest annual decline since 2008 under 46% and further pressure today with weak data out of china ending year at $53.20 a barrel. the trend is the same for brent crude which finished at $57.23 down 43.38 for the year. jackie deangelis looks at sentiment in the market for 2015 and the possible wild card that's emerging in that sector. >> reporter: crude oil took a wild ride in 2014 down nearly 50% on the year a plunge no one saw comin

europe's economic pain seems to be our gain today. hope springs eternal that europe's slowdown will bring additional cash by the ecb. it took two back to back days of gains to get the dow and the s&p 500 into positive territory for the year. take a look at that chart. the dow gained 533 points or 3% over the last two trading sessions. this is the market to watch today. and heavily-armed french police descend on villages northeast of paris, and they're on the trail of two paris killers still at large. who trained them? what can we expect? are there more attacks to come? we're going to cover that story for you during this hour of "countdown to the closing bell." and also freezing temperatures are gripping much of the northeast and mid atlantic states, but how will it impact one of the biggest sports weekends on record? let's start the "countdown." ♪ ♪ cher look at this rally. we've got a 900-point-been 300-point-plus rally, 319 points, the session high for the dow, 17,916, and we are really close to session highs right now. nice day for

they gained control of the democratic party. so it was the liberals liberals in the party that actually helped with the strengthening of the republican party by deliberately driving the conservatives from their own party. he said because what you wish for. and let's hope he also talked about the texas governor's race just last month when the texas attorney general beat the democrat liberal for my next wendy davis by 20% of the vote. watching that race here from virginia i thought it had to be about the time when she ran that ad on tv of her opponent of the empty wheelchair that race turned around for good. so now to talk to the transformation of the transformation of texas have it took place in the future, please join me in welcoming doctor

we've had six consecutive year of gains. best up 26% and worst, up 5%. where do you see us falling in 2015? >> i think you're going to start the year off on the downside here. the timing models that predicted last year pretty darn well that are calling for rockiness in january and into february. but overall, stim've stick with the same forecast as last year in 2014. up between 10% and 12% this year. >> what will drive that? i mean this is a period of time we know oil prices are already low. they're expected to go higher. interest rates are low. they're expected to go higher. will that put a crimp on or a cap, if you will on the economic data or will it help it? >> i think it will help it. i think janette yellin got it right. i think economy reached the scape philosophy. the economic recovery or business cycle or expansion era, you tend to get a mid cycle slowdown. what is interesting about this is the economy appears to be accelerating when normally you would get some kind of slowdown. so i'm pretty optimistic on the economy and the american consumer. >>

it comes from equity and stock gains. gap between the person making exactly 1% of the income and the person in the 50th percentile, the gap is fairly steady. the 1% has not jumped that much above everybody else. it's the top of the 1% that's screwed everything so far up. >> that was able to ride the rally from 2009 and not put their money out. >> you're going to have somebody soon worth $100 billion. >> i'm going to make an easy segway now to president obama said to deliver his second to last state of the union tonight. john joins us from washington where he has the findings of a new nbc wall street journal poll. good morning. >> before i give you the results of that poll i just want to say that i'm praying for brian on two different counts. one that with really hard work he can close the gap between himself and gates, which is really widening and not fair. and secondly that he can do that -- >> that's not my point, john and, you know that. that's not what i was suggesting. >> and that he can do that without spending too

the dow surging 323 points today with all 30 dow components making gains. the nasdaq gained 85 and the s&p up by 36 points with all ten sectors ending higher. >>> more on the good news about jobs. labor department reporting first time jobless claims fell by 4,000 last kweek. now cover near 13 year lows. even though there were nearly 30,000 planned corporate payoffs in december, the outplacement firm challenger gray and christmas, overall, 2014 had the fewest number of announced job cuts since 1997. >>> well the december unemployment report is due out tomorrow and expected to be strong. according to dow jones, economists expect to see job gains of about 240,000 and the unemployment rate forecasted to fall to 5.7%. stewart hawkman joining us now for a preview and more details on what to expect in tomorrow's report. good to see you again, stewart. welcome back. >> good to see you, sue. >> do those numbers, the expectations in general on wall street do they match what you're looking for? >> yeah they do. hopefully that's not the change. we look for about 250,00

the other element as well is that there's some gains that intel is gaining relative to the likes of samsung more business with apple. as mentioned earlier in josh's spot, yes, tablets have been an area of generating losses for intel. but if you do see this market share gains of apple, things could break intel's way in 2015. >> david, it was a real pleasure. thank you very much. positive view on intel. see you soon. take care. >> thank you. >>> still to come this morning on "squawk box," an app that wants to help you keep your new year's resolution to stay in shape. the ceo of my fitness pal will join us next. and if you made a resolution and you already broke it well we'd like to hear from you. tweet us your story @squawkcnbc. >>> welcome back everybody. all this week we've been rolling out our 2015 playbook. right now we're joined by bertha coombs. she has the health care predictions for twft. >> washington will loom large over health care in 2015 with congress and the supreme court set to revisit health reform. repeal and replace obamacare? it won't happen. the republican majority in cong

taxed capital gains, number one. since he took office the unemployment has gone from 7% to 5.6%. >> it was up to 9% unemployment. >> the deficit is cut by two thirds and we've seen health care costs growing at a lower rate than years and seeing cleaner energy than ever before. and so ask yourself this. what is the data tilling us about the -- telling us about the economy? the economy is coming back and growing. but we are focussed on a simple fact. for too many years the middle class has not gotten it's fair shot. this will we trim our sales on. >> thank you, dennis mcdonough. good to talk to you. always enjoy it. >> so do i. >> good. >>> up next our sunday group joins the conversation about the invitation by the speaker to benjamin netanyahu and the worsening situation in the middle east. and what would you like to ask the panel about the dust-up over the netanyahu visit. and just go to fox news sunday and we may use your question on the air. >>> i don't believe i'm poking anyone in the eye. there is a serious threa

dow gained 7.5%. nasdaq and s&p saw double digit gains. what is in store for this year?ed by cnn money, the market bull has life left but slowing down. the s&p expected to gain 6% by the end of the year according to experts. >>> lots of uber passengers starting with a new uber bill. riders are posting their bills on social media. many spent over $100 for a lift. new year's eve is one of the busiest days. the company warned ahead of time of steep surge pricing. all riders have to confirm the higher price before ordering the car. big bills should not have been a surprise. >>> sony doing damage control. hackers attacked the playstation on christmas day. sony is offering new playstation plus users a five-day extension on membership and store purchases on games and tv shows and movies. the hacker group lizard squad said it was part of a campaign for the service. >>> new york in mourning. remembering mario cuomo. "new day" starts right now. >> life is better than death. >> mario cuomo has died at the age of 82. >> his inspiration and legacy is what has brought the state to thi

we did see stellar gains on friday. the dow jones gaining better than 1%. the s&p 500 up about 1.3%. the nasdaq trading around 4600 about 1.4% halting five days of consecutive losses. but still falling short on the week. in terms of where we saw the gains utilities once again the best performing sector while energy stocks continue to move to the downside. much having to do with a sell out we're seeing in the oil sector. we'll get to that in a second. let's take look at europe. we're up and trading. we're looking at markets higher except for the cac 40. take a look at the ftse up about eight points. right now we're looking at the cac 40 being the underperforming. trading flat on the day. we'll get to that in a second. the swiss index one of the biggest moves to the downside in 46 years after the swiss national bank scrapped the national bank of 10. we saw a lot of volatility. right now a little bit of a rebound for the swiss index which is trading higher by around 3.5%. but of course the big move in oil prices that has been a major point for investors. let's

a gain of $6 but keep in mind gold has seen a gain of 7% over the past seven days. the best seven-day run for gold since 2007 indicating a flight to safety among investors. now of course as i have been saying ecb is the meeting everyone will be focussing on. the governing council member warned investors not to get too excited about the central banks meeting tomorrow. speaking in vienna he played down the hype but said the meeting would be interesting. he said he didn't see deflation in the euro zone despite low inflation. now, julia, you have been speaking to various executives as well as leaders on what to expect tomorrow. what has consensus been so far julia. >> well, it's interesting, isn't it? as you quite rightly said. interesting is an interesting word to describe what we're expecting from the ecb this week. you know around 50% of investors expect the ecb to disappoint. it will be interesting to see how the market reacts to this but monetary policy is dominating the discussion here at davos. listen to what some guest versus been telling us this morning about w

>> well raising capital gains is a notion for slowdowns. the last time we balanced a budget since man walked on the moon, we cut taxes and ended up with a surplus that was spent unfortunately by republicans. but the fact is if you cannot build a little guy up by tearing a little guy down. abraham said it then and he's right right. in our state we haven't tried -- we have the largest tax cut in years. we lowered the top rate but also provided tax cuts at the bottom to encourage more work. but the idea that raising capital gains taxes to raise the economy just isn't going to work. >> but let me point out and some conservatives have hit you, what you said in your second inaugural address a couple of weeks ago. here it is. >> economic growth is not an end unto it self. economic reens is for those who we can reach out to those in the shadows. >> and you accepted federal money under obama care for medicaid and calling for new taxes on cigarettes and natural gas drilling and you quote matthew 25 about feeding the hungry. some people say you are to

yesterday stocks closed with gains for the fourth day in a row.he dow had a nice day. 260 was the gain. 1.5%. >>> think you are saving a lot on fuel? not at much as southwest. they are really saving a lot when they fill up. the low-cost carrier will save $500 million in the first quarter thanks to plunging jet fuel. that does not translate into cheaper airfares. southwest is reporting record profits. the stock was the best last year. shares are up 7% before the bell. >>> big news for the housing market. the country's cheapest homes saw a 6.8% bump in value last year. the homes hit hardest by recession are slow to recover. this is huge for homeowners who want to sell or refinance. especially as more millennials are starting to buy homes. a lot of excitement about the lowest price homes. >> time to move out of mom's basement. >>> "early start" continues right now. >> upheaval in the middle east. the leader of america's most important ally in the region dies overnight. the government of another key partner crumbles. changes that could spell trouble f

the only one i would recommend is ran gold because there is real gain but i prefer the gld. alex in florida, alex? >> caller: hey, jim. i watch the show all the time. your books are great and i appreciate what you do. >> thank you. >> caller: you told us the recent decline in gas prices will put more money in consumers pockets and benefit the retail sector. one of my favorite is five below however the stock took a beating when they lowered the guidance for the current quarter. are people over acting or time to sell? >> five below finished eight below. i thought that conference call was very confused. i thought the narrative was not a good one. it didn't make me feel like that the stock is done going down. it made me think at one time that five below ought to rein reinvent itself. it wasn't a good quarter. they got to get it together because i know them. they are better than that. guys at five below, you're better than that. earning season is back and better than ever and we'll have a lot to learn from next week. i'll help you get through the sea of numbers. not all stocks we

currency is gaining a touch in the mid to lower 116 yen levels. the yen is also higher against the euro. the single currency dipped below 135 for the first time since october. last year. right now euro-yen 135.19 to 24. turning to shares on the tokyo stock exchange investors are selling across most sectors on the back of the stronger yen. the nikkei average plunged 2%. right now it's 16,760. bond traders sec the safety of japanese government bonds pushing down yields to a record low. the yield on the ten-year gjb briefly fell to 0.225%. looking on what's happening to other markets in this part of the world, south crease kospi trading in the negative. australia down more than half a%. the world trade organization has ruled against argentina in a trade dispute with japan, the united states, and the european union. the issue is over the country's import restrictions. argentina has been requiring foreign companies that export there to import the same value of argentinean products. for example, if a foreign firm exports automobiles to argentina, the fi

nasdaq gaining 45 and the s&p up 19 points. oil did end slightly higher but not before it dipped early in the session, below $44 a barrel for the first time in six years. but it did rebound late in the day. domestic crude up 8 cents today. brent higher by 66 cents. it topped $49 a barrel. >>> as we near the halfway point in the current earnings season we see a real divergence with companies with an upbeat view on the economy and a down beat one. where do things stand so far? dominic chu takes a look. >> reporter: earnings season so far has been all about a battle between boodn goods news and bad news and more for a shadow over america and the overall economy. today is no exception. take luxury goods retailer coach. shares posted strong gains after the company reported better profitings than analysts anticipated, while certain business trends are still showing signs of weakness some investors are encouraged by better traffic and a higher rate of visitors who actually ended up buying something. perhaps coach is a sign that people

gain in the s&p, who can blame them? a fitting moment to question the silly preconsumptions that served as alibis all day for the selling we saw as we try to fathom this decline and try and figure out how to make money in the market in the coming next few weeks, if not months. the also perceptions cost you plenty in 2014. when i look at the lessons learned from last year's double digit game intense fire and ill logical thinking. let me put it this way, if you listen to worries we heard articulated today and acted on them, you lost big money in 2014. i don't think it will be any different this year. i got ten take aways from 2014 stellar performance, but i got to share with you today on this hideous day i saw many people fleeing from the market many of these points are brutal reminders not to fall pray to the fears that you may have on a session where the dow loses more than 300 points. last year should have taught you it doesn't pay to be contrary and a benign inflation and descent growth. say it again. because this comb