michael santoli, and we have talked about the free trading stuff, and robinhood is synonymous with itd all of the brokerages are offering free trading right now, and how much as the day trading mentality permeated investing today does it feel like 1997 to 1999? >> it definitely feels like it in terms of the this source of the energy coming from the broader public, and a little bit more excitement around certain types of stocks that seem intuitive to the group, but it rhymes. what is surprising to me to some degree is the difference that zero commissions made. and i was around covering the dawn of online brokerages in the '90s and everybody knew that the commission rates would go down steadily overtime, and when they were down the $5 people in the industry would say, hey, the average trade side is $10, and what is big deal of trading $5 and commission, and if you want to pay fractional shares and excited to trade more, this is what did it, so the pie is growing big enough for everybody to get a piece, and schwab is there for a long time, and enough of the asset market to get enough, an

. >> you know, michael santoli, are we learning?sible that the overall market can go up even if amazon is not leading the cart? >> yeah, we have learned it labor day that the stock is $100 below the september 1st high, and it is sideways and still up on the 100 basis points, and massive, massive move off of the lows and it has done this gone sideways and netflix had a similar setup to the earnings and nothing for months and then blowout numbers and yes, it is a broader number, and the waiting in the s&p 500, and the biggest stock is down somewhat from the all-time highs recently, but it is too early to be an either/or market, and these guys can participate if everything else is going up, too. >> and kate rodgers, and how many boxes are you breaking down, because you can't go out to do anything in california, so how many boxes do you like recycle? >> we do get a lot of amazon prime deliveries here, and we have started to use the whole food grocery delivery which is something that i had shyed away from, but in q4 many more restriction

i think there are signs of froth in the market in 2021, and some of the areas michael santoli men mentioned, there were signs of froth for a while, it doesn't seem that high >> so it doesn't seem work than it did years ago >> i don't think this is -- i think this is at a far lower level than even the biotech crazy that was in that 2016 period. >> what makes you say that >> for instance, look at retail investor cash. they pulled out about $1 so billion out of stocks at the start of this year mutual fund and equity etf flowing have been negative averaging $7 billion a week, which means people are not taking money out of stocks and measures of our institutional client sentiment, it's no that bullish head fudges degrossed dramatically, in fact, almost a massacre they haven't put that capital back into the market so i think more money has been leaking out of stock market than coming in. that doesn't to me seem like a formula for a frothy top it's more of a, as michael said, it's an air pocket created here. >> is it true or not true -- correct me if i've got the facts wrong, but specifically with