joinsnow, howard ward with decades of experience encouraged to be in the market. how do you stay in? howard: where else are you going to go? lowest interest rates in history so the fixed income route does not really work unless you are looking for a place to hide temporarily. the only game in town. we can argue what multiples should be. essentially,ates, it is a big number. 20uld the market be selling times forward expected earnings, $164 next year? yes. the risk is the high level of earnings uncertainty. $140number could easily be and multiples 20 could be in the teens, then we are talking the market down 20%. tom: can you identify a growth company, large-cap, new multiple, 28 or 30 multiple, do you walk through the exercise of saying, ok, i own it, i will be comfortable, i am not looking at two-year, i am looking at three years or five years? howard: you're familiar with the rule of 72. how long it takes company's earnings to double. company growing at 10%, double earnings in 7.2 years. we have a lot of companies in tech land, primarily, where earnings are growin