p. e. ratio. from nine percent to two point comma two percent. we begin to reduce. also the most public data retail edict arrived was the time arrived to their one hundred twenty five percent point over g. and p. and nine hundred ninety five and in two thousand it was reduced to one hundred eight sort of back this has been there in lies the with the very severe and rigorous hand and policy of the action of public expenses that back i was. with the stimulus search to the growth you represent the banking sector today do you think that the banking sector must be more strictly regulated by the government in order to avoid the bubbles the credit bubbles that. i think they could leave banks and say to the needs of the not regulation by the government my opinion is the needs a good intermission and regulation and independent authorities says the national independent authority is or are a regional like european and independent thought it is. capable to apply these intermission and rules without the in the influence any intervention of the political of the government because

have substantial write-offs to take, and when you look at the travelers with a p/e wrarb rairbio of nine and a price-to-book ratio of 1, you don't find many good stocks cheaper than that. >> tom: you're calling it a screaming value for travelers. >> that's right. i believe so. >> tom: wal-mart here, this week an executive said it's a pickup for high-income shoppers due to high energy pripss do you think high energy prices are good for wal-mart? >> i think any rising prices are good for wal-mart because sooner or later their strength is that they are the low-cost seller. and so as a result, whenever people feel under pressure and they are going to buy something, they will go wherever the price is cheaper. >> tom: finally, october 8, the last time we were graced with your presence, you liked chevron and exxon. those have seen significant price increases. you also liked johnson & johnson which dropped. do you like any of this trio? >> i like all four of them, still. >> tom: do you have positions in all the stocks we mentioned tonight? >> that's right, we own all of them. >> tom: our market monitor this friday evenin