tom: this matters now to our guest host jason trennert. strengthen yes, there will be a modest currency adjustment, but all of that will be outweighed by destination america. there is something about a stronger currency everybody loves. jason: tom, i think that is true. there has been a lot of concern, hang wringing about foreign policy -- foreign-currency on earnings. we've seen results between movements in the dollars and pe's, so there is a tendency for what you lose on earnings that you tend to make up for on the pe. tom: the price divided by the earnings, they could both move around, the answer is about confidence. jason: it is about confidence, so what i find when i go around the world and talk to institutes outside the u.s., they start with the currency then they go to the asset class, then they go to the security. american investors i think by nature, you start with the security and then he might work back to currency later on. i think this is an important thing in a global market to realize that a lot of investors especially in pla