kathleen smith, co-founder and chair of an advisory firm. i know you have been saying this is a harsh environment for companies going public. you just heard the news about the ali baba filing. could that company be the exception? how do you think it will do when it goes public this summer? . >> well, we do think that l i baba could certainly break the code we were saying in the ipo mark, which has been a pretty harsh environment where since mid-april the deals that have been priced the last 20, 70% of them have been priced below the range. so issueers have not been treated very well in the current ipo market and you know, there is a lot of investors want to see high growth companies. they want to see profits. ali baba has profits. so that's going to be an ipo that will be looked alt and of interest to the ipo market. >> do you expect it will buck the trend, in other words, 70% falling below the forecast range? >> we think so. can you look at ali baba and put a mumt pm on their earnings and come up to a valuation of that $150 billion. that wi

here to talk about it is kathleen smith, principal at renaissance capital.prospectus last night. we didn't get a real sense of water going on, remarkable profitable company afternoon interesting point earlier, i said does this mean amazon is worthlet less or more? she thinks that amazon is going to move down as a result of all of this, given the margin that ali baba has. what do you make of that? >> well, i'm not sure i would look at it that way. it's not profit margin here. i think you have to look at the two earnings. ali baba's earnings are about $3.5 billion. amazon's earnings are less than a billion. so we're talking about a larger company when it comes to earnings. i think ultimately for investors, earnings matter. whether amazon is a -- >> it's crazy, you have to put in a crazy multiple on ali baba if you were to put it on a relative basis to amazon. >> on earnings, we would think that ali baba's earnings could be capitalized something like in 2015, we looked at it and said if the company is growing maybe 35 to 40% it could be a 15 billion in revenue

the comments like the has a valley and kathleen and her comment about considering ways to deal with local small chains more effectively. and the proprietary book smith kyle from the v c m a covered the points and then some. i'd like to raise one point i hear the phrase he why grazing i want to compliment the staff it was a very good progress but one thing about the comment of its not a wide-ranging faxing impact it's such and simple a percentage when we talk about the neighborhood commercial district a citywide statistic is almost meaning also i can be talking about a small ranging impact that is an immense impact on the community. that's sometimes is getting dropped to the cracks that recognition when we talk about the wide-ranging impact the issue of foreign chains in the fillmore we've seen the foreign plaza chains i wish we saw the interesting chains to expand internationally what we see are the folks like the cooper's and if you look at the map of europe you can't see it because the dots open the map are two big the hypothetical and the two big >> thank you is there any further public comment seeing none, public comment is closed. commissioner