joining us is the legendary mickey drexler the former chairman and ceo of j. ny more thing, too mickey, it's really good to have you here, because this is such a crazy time in retail we've heard so many stories reported over the last couple weeks as these companies come out with earnings and stuck with so much inventory that they thought customers wanted that they don't what's happening here? >> well, i call it the perfect storm. i don't remember anytime like this it was 2008 of course, which was a tough period but it is a perfect storm. now every piece of our business is affected, and necessarily not positive now i don't have a degree in economics. very a degree only in selling shmockers. i did competitive shopping on saturday and competitive shopping usually means apparel. i went to a car dealer i went to the supermarket. i looked at airline prices and i'm trying to think of what else i looked at. i didn't look at freight prices. at the car dealer, seconder prices and above premiums for certain cars. if you want to buy a car, and i wasn't buying a car, four t

you've got to start to build other kinds of inventories they had mickey drexler on "squawk box" thisnd buy some of this stuff you'll have inventory problems for a while to come, i'm afraid. >> art, finally, i wonder what you're making of small caps at this time. rus rus russell, i've seen people trying to make a line between maybe a lower oil curve on the back end. i don't know you got inany theories >> no. i think weav've been in love wi the high techs for two years, are beginning to understand as difficult as it is for small businesses in america, they do have, in some ways, greater flexibility. when target puts an order in, it's enormous. if you run a smaller-size company, you get more flexibility, i can pare back and give it three weeks, see what happens. maybe that's not the love affair, but the new fondness for the russell and the small caps. >> a lot to come our way we're still on watch for cpi friday i hope to talk with you in a few days see you soon. >> thank you see you then. >>> as we head to break, shares of spotify are up almost 5% with up upbeat commentary. the company