still with us is jean medecin. very important man. he has a view on tech.nother person who has a view is the fed. that said the valuation of some tech companies are fresh. >> i think the federal reserve worriedhow they are not about the valuation of the market in general but when we look at the market valuation, is not what we think. at theavior of stocks beginning of the year which has been pretty moderate, but more e. there is nothing subject that takes over the value. when you look at companies like google, they are trading on 22 than 20%s year or more earnings. we do not see any real case. youhat is google but when look at the likes of amazon. it is big. agree.solutely you need to be selective in your assessment. very clear case of a great company that does not always makes the great valuation. behaviorgh so far, the of amazon stock price has been good. arm which we adjusting this earnings, isrms of a good company. perosnrs are seeing 20 it line growth and earnings leads to a higher price. >> you heard the man. that is jean medecin. thanks very much for