alicia reece on netflix, and greg moscowitz on software stocks we have the nasdaq up more than 2%, thead on the first few weeks of the year here it seems like investors are acting like maybe they felt they don't own quite enough risk, enough exposure to the growth story. maybe raising the probabilities of a soft landing, how does that sound to you >> yeah, you know, mike, i think it's kind of funny that for once in a long time, people aren't talking about the january effect, and we're sort of getting a january effect you know, january is always kind of a month for risk-on assets, and it seems to be happening i would be cautious whether this is a lasting rally in these risk-on assets it really doesn't make a lot of sense to me relative to inflation, relative to fed tightening, relative to profits still decelerating that you'd want to be in such risky assets. history says it's not going to be a lengthy outperformance here. >> yeah, and we will get to that in a little bit. i know you think inflation might be a little more of an enduring story as well as the risks to valuations but we want