>> what did you make of the statements from jeff gundlach and uncertainty from investors despite theughts about a hawkish cut, people were poorly positioned going into the fed decision >> yeah, you know, i don't know if i push back from the beginning to say poorly positioned what an amazing year it's been here things get a little wonking in the summertime and bonus and locking in and the retesting of the 50-day average i'm not that surprised it is a narrow range up. i listened to jeff gundlach intently i do believe bigger picture we're in a secular bull market i believe we're in the a.i. and quantum computing and on the cusp of the concerns we have with budget deficit. i think the concept of real rates has to come no in year yeah, we're running 4% to 4.5%, but the persistent inflation which leads to real 2% rates which is the same thing it was three years ago. >> okay. some of the things you are leaning on are the idea of tremendous growth or quantum computing or the a.i. trade et cetera forget about what we are looking at ahead housing numbers weren't great. non-a.i. chips were not