let's bring in meb faber. he is founder and cio of cambria. new york, we have annie massa with bloomberg news. meb, let's start with you. you saw the flows. how it exploded into june and july. what part of the rush into stocks and risky assets over the last few months surprises you? meb: it does not really surprise me. it is a bull market. u.s. stocks are up 20%. the parking lot at bloomberg is an indication where there are only four people working and everyone else is on vacation. it is not just u.s. stocks. all asset stocks are having a romping, stopping year. real estate is up, bonds, even gold and some commodities are starting to pick up. it looks a lot like the exact opposite of the end of last year when everything was going down. the good news about the big dislocations and moves in the markets, it sets the stage for the next regime. we have been in one regime for the past decade, which is u.s. stocks cream everything else in the world. the flows make sense to me because everything has been going up. scarlet: we talked about everything g

let's bring in meb faber. in new york, we have annie matha with bloomberg news.et's start with you. you saw the flows. what part of the rush into stocks and risky assets over the last few months surprises you? meb: it does not really surprise me. it is a bull market. u.s. stocks are up 20%. the parking lot at bloomberg is an indication where there are only four people working in -- and everyone else is on vacation. it is not just u.s. stocks. all asset stocks are having a romper year. even gold perking up. commodities are starting to pick up. it looks a lot like the exact opposite of the end of last year when everything was going down. the good news about the dislocations and moves in the markets, it sets the stage for the next regime. we have been in when regime for the past decade, which is u.s. stocks cream everything else. the flows make sense to me because everything has been going up. scarlet: we talked about everything going up. we keep talking about how we are at the late stage of the economic cycle. i keep hearing about it constantly. i wonder if what we