paul, great to see you paul mcculley. >> well, professor mcculley was the chief economist at ubs when greenspan had the term irrational exuberance and the world is so different. think about a fed that's gone out of their way to communicate to the market this is not what the fed was doing back then but paul is right. he was on our show our month and a half ago and leaning bullish and on this concept that there have been this moment where the fed peaked i would just go and say that short-term and medium-term is how i think about the market i think we have a case where 30% of the fund managers out there feel like they are not exposed enough to cyclicality. 35% of them believe we're now not in a recession and whereas it was 75% back in november that said we are going to recession, i think we're at a place where i follow the market clues which are the cash levels and positioning and seems to me like it trades higher even though the math doesn't make sense in terms of where the s&p and earnings are. >> we've got a news alert. taiwan semi, lower and berkshire hathaway lower its stake. >> the