if kwaun daytive easing has run it's court, kwaun daytive easing has as well.h predicament. >> you like the market, what are you buying right now? >> it's fine to assume it's getting better, and if you can find value under conservative assumptions, if we're wrong and things are better, we'll do wonderfully well. we have a mix, where there is stress, boredom, pockets of inefficiency. >> is that in a sector? a particular asset class? >> it can be, the largest holding is a company that came out of bankruptciy called spectrum grands. a wonderful business and brands. >> a steady grower? >> slow but steady growth, and they have a value proposition that's retailing in this market. p&g and enegizer. >> how much of the negative effect has been priced in? >> a portion has to be. >> some of it. >> but you're talking about horrible revenue growth. do you think the market is expecting that? or do you think we see a selloff this summer? >> i don't think the bad news is fully priced into the market. a few months ago, the s&p was expected to earn 105,000, and right now about i