. >> that is as bearish as i've ever heard jeremy siegel. >> choppy. >> off a cliff for jeremy siegeless to professor siegel though professor siegel wrote the definitive text bubble op ed in "the wall street journal" a couple months before an epic collapse. so it's -- he gets accused but today, pretty realistic. basically saying, look rates up fast. in '99, when it counted. >> for 14 years. >> look -- >> the thing with -- >> can't be held to the standard of being right all the time like you are but i think it's -- >> at least -- more than once every 13 14 years. just what i'm hoping for. >> when off he got a permeable or perma bear one year you will get it right, right? all due respect -- >> if you are a permeable, get it right most of the time. >> in this market. >> three out of four years the market is up. >> look at the shares of chesapeake energy here, carl icahn raising his stake to 9.98% from 8.89%. what do you make of that guys? i don't know whether you have tweeted that out. looks like it was a filing. >> used conventional media to get that out there. he has been in this name

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. >> tom, when we look at september, yesterday, our guest host was jeremy siegel, he was pointing outhings in september t. feds will be meeting, the expetation that tapering could start that month. the president, very likely, will announce his choice for next president or fed head and all of those things as you mentioned, people already look at september as a down month. are we focused on it enough so we can avoid that problem? do we really believe tapering will start in september? what do you think the market's reaction would be to something like that? >> i think these are fairly visible events. these aren't going to catch people by surprise. so i do think the market is bracing for volatility. i think that's why people are raising cash or looking for ideas to short. i think tapering is a bigger deal, ultimately, for rates and for credit than it is for the equity markets. i think we got a taste of that this summer where the stockmarkets actually had new highs. we had new volatility. >> a move of about 100 basis points? >> correct. because in past years, a move like that in rates would