mr. faber's comments? we are getting reaction here. steve, let me keep this up with you here, good to see you. what do you see in terms of volume on the floor? you've got this great haven't anl point to see where the sentiment is in terms of the flows. where is the flow today? >> it is not a surprise and not really that different. volume is lower but it is very fragmented. if you look at volume four years ago, it's not that much different. if you look two years ago, yeah, it's that much lower. but not that much of a difference. as to what we saw on the floor, we saw bargain hunting. some of the guys were like, holy cow, we have to get out. >> but do you see conviction in any one group? in other words, big investors are there as the stock goes higher or selling even as it goes low? where's the conviction, really? >> i can't say there is specified conviction. early this morning, yeah, everybody is running into utilities and dividend type stocks. trying to get out of broker dealers and financial names. we have gotten through one resistanc

i think a number of years ago david faber tagged me as mr.ause we talked about it for years. our work over the years on apple is trying to figure out what they could earn and how much bigger the company could be. but back four or five years ago it clearly wasn't as well followed and well analyzed as it is today. >> so a great five years but you don't think it's going to have a great next five years or as great. >> well, i would classify the last five years as blank spectacular. and the next five are unlikely to be as good. it's been a tremendous stock. and it's a cheap valuation. we like it. we just think from what we do as stock pickers, we can add more value finding the next apple than owning this one. but it's a great company and chief. if i owned it, personally, i wouldn't sell it. for our funds we've moved on and looking elsewhere. >> noah, you say people should bet on the u.s. a lot of people say you should also bet on the emergencying markets. what is it about the u.s. market or sectors of the u.s. market you find so compelling? is it

mr. gorman, as always, very much appreciate your time. >> terrific. thanks for having us. >> james gorman chairman and ceo of morgan stanley. back to you. >> great stuff. thank you very much. david faberquarters. quickly with gary, interesting interview. >> as always, great question by david right at the end given where the book value is and the morgan stanley smith barney transaction. a couple things stood out to me. i think if you're a morgan stanley share holder you have to love the fact that dporman said we are preparing for the worst so in the sense if there is this downgrade they have the capital put to the side. we'll have more on this later. >> and we'll discuss some of the differences and similarities between morgan stanley and goldman. >> now that we've got all the investment banks, the earnings. some thoughts in terms of how investors are going to look at these companies for the next three months. >> yes. meanwhile one more word on another ipo viewing on the nasdaq. in this case. squawk just opened for trading. stock got a nice boost, of course the company splunk collects indexes, harnesses a lot of data generated by websites and servers all around the world. just a few min