marko: a very good question.he rally and s&p for 2011, 2014, a sharp ratio. nots hard to think that is partially driven by banks. is it 20%, 10%, 30%? we think the s&p are repriced in the dovish policies over the past you years. david: that could change. if you have three people, three central bankers who can decide this, that is putting a lot of eggs in one basket. marko: that is why we mentioned back in august and december this is a risky situation. it needs to be mindful of this type of risk. think there is risk and i think that is why they will stay very dovish at least this year and they are not going to get close to the risk. previously you described systematic strategies and hedge funds as having "above average level of equity exposure." wisdom, the discussion right now is that hedge funds are quite short. marko: we look at various heads hedge fund indices. if you look at the sort of exposure of these indices to equities, you can look at the short-term data. that exposure started shooting up in the past mo

. >> i love marko. he's speaking my language. the fundamental guys can't participate with valuations that took off. we saw it in the commodities, and a lot of the oily names. they just don't make sense. that's why i say, it's very sector specific, very stock specific. again, valuations just don't pass the sniff test for a fundamental. >> you need to breach that 2116 level. so when marko talks about this, the down side, 2.5%, trading range right now, if you want to keep flat on year, your risk tolerance isn't the best, 2043 is the target. >>> what do million-dollar condos, exotic sports cars and fancy bags all have in common? they are all signaling major problems for the rich, and that could spell trouble for your portfolio. we'll explain. >>> a top technician said in order for stocks to break out, one sector really needs to start rallying. he'll reveal what that is and how you can profit. >>> we've got the five companies that could have the biggest impact on your money. ♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel

--exclusive interview with marko kolanovic from j.p. morgan and