has the doris messengers in there although their mentioned as a possible compromise it didn't seem looets at least i don't feel they have an impact for remove that's my motion to leave them in there. >> that motion has been second on commissioner antonini commissioner hillis commissioner johnson commissioner moore no commissioner johnck's san francisco commissioner fong and no. >> so moved, commissioners, that motion passes that passes 5 to 2 it places you on the next item at 2655 street those are requests for discretionary review although the addressed are the same there are on two separate this by the same person my recommendation we call them together and provide their time of totally of 10 minutes. >> for both the dr requester and the sponsor. >> that's correct. >> i'm not sure i understand that but. >> are you the dr requester. >> i'm representing them. >> your representing the dr requester you'll have 10 maintenance total. >> i have a power point overwhelming to be presenting. >> good evening, commissioners david lindsey of department staff the case are a request for discretionary r

if you think about the points that david just brought up, at looets we are seeing some earnings growthdend yield of something like 2%. there are some net stock buybacks going on. when i think about valuations at 16 times forward earnings it is not cheap but certainly not super expensive like back in 1999. we don't have an enormous bubble in the housing market. credit has not been in a bubble stage like 2005, 2006, 2007. if david is expecting interest rates to move higher i think they will move higher as the economy picks up steam and things start to get better over time. i am hoping that he is right and we see higher interest rates. >> are you shorting this market? or are you in all cash? >> i've not been short stocks. i played the vix call options a couple of times. i have lost money sometimes and made a little money sometimes. i am still a big believer in gold. that hasn't treated me well. bullion i feel like is a buy of a lifetime. with what is going on with central banks around the world, the ecb loosening, we see chinese credit growth going crazy. japan, u.s. having grown balance