he's michael farr, author of the arrogance cycle. always great to see you michael.appy new year. >> thanks, great to be with you, happy new year to you. >> tom: a strange con verge ends, both stocks and bonds rallying. what can we take away from that? >> well, a little optimism, a little bit of fear, i think. when you consider everything going on around the world, the u.s. still seems to be a pretty good safe haven, but i think with sources of government money coming still into the markets from around the world, there are 40 elections around the world this year, which means that those governments are probably going to be throwing some money at things, making sure everybody is happy during the election period. probably not a good idea for long-term economics, but will work for the stock market near term. >> tom: with that kind of environment you like dannaher, dhr. what do you expect out of this one this year? >> i think this is a global company, and market has good demand, reasonable valuations, i think this could be a 10% stock this year, 15 times this year's estim