michael farr thank you for joining us on "washington business rert." you do not look like the guys camping out at the park. >> i have not had a tent out with the protesters, but i talked with them downtown in washingt. i think these protests here are ve similar and are sending similar messages and reacting to similar things as the tea party movement. people are unhappy with what is happening on wall street. a lot of pepeople are left without chairs when theusic stops. >> is fair to s say that you have made a professional career out of helping peopleanage wealth. what is wrong with being one of the 1 per cent? " absolutely nothing wrong with being one of the 1%. i think it is a big mistakehat we do nott support those 1% who have created wealth and have notot overspend. those should be our poster children. instead, we are listening to an administration that continues to increase the deficit and debt that will have to be paid back by future genertions. >> "politico" says that there is some arrogance on wall street then you say gives good ammunition to the

he's michael farr, president of investment firm farr, miller and washington and author of "the arrogance cycle." it's great to see you, welcome back to "nightly business report". >> thank you tom, always nice to be here. >> tom: if arrogance led us here, humility gets it out. does that mean a more modest investment strategy? >> i think a tempered investment strategy is always adviseable. but if you start feel, if you get a little too far out over your skis and feel like you can't lose, you're in a very dangerous position. so a little bit of humility when you're making an investment decision or any big decision will leave you in better stead. >> tom: what do you make of the market here, are we too far out on the skis? >> this kind of bounceback rally strikes me as a classic bear market rally. we touched into bear market territory about 20, 21 trading days ago and since then we've seen a 14% straight up rally. you see these kind of violent ralies, if you want to buy low and sell high, we're not low any more, so i'd be very cautious at these levels. >> tom: so would you be looking to sell s