mr. scrooge part two, i don't particularly care. 2011 whichrgue that are down more than 20% just like in 1998 during the height of the down more than 20%. in real-time, those numbers hurt and it doesn't feel like you are maintaining a bull market when you have these big drawdowns. what we can say is that it has been a long. of equity returns. particularly over the last 18 months with strong economic growth and crucially still easy monetary policy. now that we have had the impact of the tax cuts from last year, it is the perfect storm. we'll bring it to an end, the short end is -- answer is volatility. stocks are pretty aggressively priced. it makes sense to be long as long as long as low. and becomes less enticing. what causes volatility, stuff like trade tensions. the classic recipe for equity market volatility is inflation. the worst in the can happen is that inflation continues to rise. >> president trump is not helping on the front. them beyond his comments on if he imposes two hundred 50 billion worth of tariffs on chinese goods that will raise consumer prices. we arty seen this in