gary: tom lee and larry pitkowsky are here. we just wrapped up the first quarter. when i think about what happens. the dow was supposed to go up, it went down. the stock market was suppose to go -- up, it went up. >> i think it is a testament to how much animal spirits have improved. like you see in ceo confidence you are advise, and the rotation that flows into the equity markets. gary: was the flows into equities a surprise? did more money go into he can wits than yo -- even to equitien you thought? >> the pace in the first quarter will be the largest since 2009. trish: that's good news. i guess the big question is, is it going to continue. is this people playing catchup? they said now it's time for me to get in? >> we are primarily stock pickers and value-oriented folks. but people seem to be looking forward to corporate tax bases. and less regulation and they are starting to extrapolate that. but that's from already high valuations. so if valuations get stretched it's important to maintain one's discipline going forward. trish: we have known for some time now t