july 3. you are averaging your very close portfolio into oblivion. adam parkern stanley or suggests this morning you acquire back shares. how would you guess how many would "miss" this market? >> morgan stanley scoured of the biggest in the world come over $2 trillion in that network, and that is invested pretty fully. >> you are a new reinvigorated goal, with your scope and scale broader than that, three years or four years? >> i think we got lucky. risky place.a then we got a pullback and the earnings season looked pretty good, so i thought all right, we are back in. >> but the visibility and month to a month -- >> i think it is a pretty good outlook. how do you call a cycle? i think there are two things -- hubris and debt. you see too much arrogance from it is meant terms of capital spending, hiring, inventory, you get more worry. that could result in earning decline. we just do not have that environment right now. i got to keep thinking of stocks is a relative investment because as treasury yields stay below 2.4%, that just makes u.s. equities look all the m