let's check in with gary friedman, the chairman and ceo of rh. >> thanks for having me, jim. >> gary, something jumped out at me this quarter, top of your release, the company repurchased 3.7 million shares in the second quarter, $325 average. 17% of the total shares outstanding beginning of the quarter. i've been in business 42 years and never seen that much bought at one time. obviously you're taking a longer term view, betting things are going to get really good for rh. is it an inflection point? >> we believe in inflection points but the other headline, 3.7 million shares were purchased last year so almost 30% outstanding shares. we believe it demonstrates our confidence in what is about to happen here. >> does seem, the stock had a bizarre decline today, i try to read the different things you put out in a vacuum and don't look at the stock. i thought it would be up today because that's how, if you take the longer term view, the only way to view the rh quarter. >> there's three headlines, we reiterated guidance for the year and actually took

i worked a lot on restoration hardware last night, and i know it's down 23, but gary friedman is thehen i work with him, he bought back 17% of the company. you've got the new source book. it's pretty attractive. he did not really say a lot of the negative things that the analysts are attributing. i think he was being, look, we have to spend a little more. that one is intriguing to me. it's down 25. it was down 35 last night at 4:30. let's take a look at that. i see a lot of positive notes that i like. i thought this first solar notes were beautiful after their analyst meeting. that one can definitely go higher than up four, so i've got things i want to buy. medical devices seem to be very undervalued here. i just think there are a lot of situations that have given up the ghost along with apple that don't deserve it. >> so, you think -- you're sort of ready to get interested in september, despite your concerns. >> very much so. if it goes down 2%, 3%, absolutely i'm interested. i'm not so interested, i'm not buying into the swift lift, the swift economics. i mean, this was a piece by

they say the luxury housing market will remain challenging going into next year as gary friedman has a classically candid call last night. dow up 106. we're back in a minute. or momen, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. ♪ ♪ ♪ ♪ live your best day, every day with the power of the gelflex grid. sleep better. live purple. (fan #1) there ya go! that's what i'm talkin' about! sleep better. (josh allen) is this your plan to watch the game today? (hero fan) uh, yea. i have to watch my neighbors' nfl sunday ticket. (josh allen) it's not your best plan. but you know what is? myplan from verizon. switch now and they'll give you nfl sunday ticket from youtubetv, on them. (hero fan) this plan is amazing! (josh allen) another amazing plan, backing away from here very slowly. (fan #1) that was josh allen. (fan #2) mmhm. (vo) football season is here. get nfl sunday ticket from youtubetv on us. a $449 value. plus, get a free samsung galaxy z flip5. only on verizon. >>> welcome

friedman. and he took the coin. reluctantly, but he did take the coin. then we had a very pleasant dinner afterwards. but the next morning, finally gary north came up to me and said i really enjoyed last night's dinner. i thought all through the night what happened last night. i will tell you what happened. he said you and i have an ideology of gold, and milton friedman has an ideology of paper money. last night, you attacked his ideology. i thought that was an interesting observation. perhaps that is true. i can tell you the six or seven years milton friedman and i knew each other afterwards, and i had dinner with him, the last person to have lunch with him and so forth, we never discussed the gold coins. i was kind of hoping when he died i would get it back or something. [laughter] just kidding. i carry it around with me. milton friedman's $20. he has the gold. but i have his $20 paper money ripped up, that i ripped up that night. kind of a nice thing to remember him by. so anyway, i thought you would enjoy that story. it was quite an event in my life. the other issue i want to bring up, and then we can open it up to questions, is t