if i had been born in another era, i would have been a pe teacher.all of a sudden there's this boom in this private industry that created all these opportunities in the -- for people who are extraordinarily talented, by the way, who would have otherwise gone into teaching pe. that became another avenue to look at how the rise of this industry has,s i think, in some ways contributed to these kind of austerity policies which have drained really quality physical education from the public realm. so here are some examples of intersections which a lot of people told me about as well. jackie sorenson, she was involved in the presidential council for youth fitness. he wrote physical if education -- she wrote physical education curriculum you can see here. and then here, this is in 1990, prime minister george bush -- president george bush the first appoints arnold schwarzenegger as head of the council on florida -- on physical fitness. now, i want to pause here because this is remarkable. we talk about how marginal hermosa beach was and weight lifting was. th

and it's, "i would have been a pe teacher." we're going to get to it at the end of the class and i'll tell who you said it. at that historical moment, the people who became the architectures of the physical fitness industry were the if i say physical education teachers. i want to start by talking a little bit about the united states in the 1980s, broad strokes historical context here. a lot of our students, those of you watching at the c-span or new school international, everybody has different levels of preparation and familiarity with american history. i say "america" there because even though i'm a u.s. historian, you all read for this week jenny ellison's article about fat aerobics in canada in this period. i'm always careful to bound my expertise in the united states. it's really important throughout this class, as we have been all semester, to see which of these phenomena become transnational and also how they might look similar and different across national lines. okay. we'll start with top level contacts for america in

any money -- i think pe in conjunction with other variables makes sense. i think you're right, though, in drawing a distinction between old tech and new tech. the microsofts and the apples are no more overpriced than the rest of the market the young tech companies, and, in fact, it's not just tech companies, young companies in general have benefitted from risk capital flowing in, especially in the last few years and pushing them to levels that i think is unsustainable, at least in collection, in the aggregate i think we've overpriced companies which have very little earnings, have huge growth potential because they can't all succeed in the economy that we have so i think that's going to be the test coming for -- not just for this year but for the years forward is which of these companies are going to be the winners and which are going to fall to the wayside. >> yeah. so you're almost drawing a distinction not so much in high and low pe another way to slice this is momentum growth over value, you could just pick any momentum style there's etfs for that and

valuations, four pe -- forward pes have come down a ton, so even if you think they're still too high,to a crash? >> well, you've got to be cautious with forward pes because that's based on the current price to what are expected to be forward earnings. and, unfortunately, we're just -- and, look, i'm not trying to be bearish at all, this is just the reality of where we are. economic growth is slowing. the the atlanta fed out this morning with a .1% growth rate for the first quarter, and they're always high to start with, so that kind of tells you the problem we've got. you've got running inflation, earnings estimates are way too high. those have to come down which, unfortunately, is going to keep our forward pes elevated. and they're still much higher than they were even pre-pandemic when markets were expensive as well. so i just think it's really important that, you know, valuations are not a great market timing indicator. they're not great for managing portfolios short term. just understand that we're still overpaying for asset prices, and that does have an impact on forward returns

pe - are scared to go to school. pe lessons? _ are scared to go to school. pe lessons?errified me and i was really scared _ lessons? mr baxter terrified me and i was really scared about _ lessons? mr baxter terrified me and i was really scared about having i lessons? mr baxter terrified me and i was really scared about having the| i was really scared about having the lessons because i thought they would be brutal. they were sometimes but not that bad. be brutal. they were sometimes but rrot that bad-— not that bad. grange hill, 'ust say es! get not that bad. grange hill, 'ust say yes! get in — not that bad. grange hill, 'ust say yes! get in touch i not that bad. grange hill, 'ust say yes! get in touch this i not that bad. grange hill, just say yes! get in touch this morning. i time now to get the news, travel and weather where you are. good morning from bbc london and bbc south east today — joining forces at breakfast. as you may have heard, more than 200 military personnel are being deployed across london and the thames valley today — to help plug the staff shortage ca

in the worst-case scenario and with the sell-off seen small caps trading between 25 to 30% discountn pe typically trading at a 2% premium and extreme valuation discount 2000s and despite the volatility and similar pullbacks we saw in the early part of that decade. >> been a tough week and start to the year. thank you for joining us from bank of america. >> thank you >> mike, this final hour has become so painful for so many investors who are long and an unfortunate pattern. what is the significance of the sell orders in the final hour? something about russia and ukraine? seeing a bid for safety? >> yes at these times anything that can give you pause in terms of taking risk higher or prevent taking risk lower is in the mix. and i think russia is in the back of the mind go back to 2014. looking back at 2014 when russia invaded crimea not as if that's the story of that year but it shows you that there's a broad active investor retreat from equity exposure. that's redundant but no longer the case to allow exposures to go higher and profit taking ready to spill into the market this year and

i'm going to go to pe teachers, fitness teachers in the 80s culture. i want to talk about the united states in the 1980s, historical context here. our students will be watching on c-span, everybody has different preparation and familiarity. i should mention i say america there, even though i am a u.s. historian, you already this week allison's article about robertson canada. always careful to pound my expertise in the united states, it's really important throughout all semester to see which of these phenomena becomes transnational and how they might look similar or different across national lines. we will start with top-level context for america in the 1980s, then we go to talk about an industry, drawing on the article you read by mark stern, the rise of the fitness industry from 1960 -- 1980 talking more detail about the aspects of a industry and the way they shaped workout culture. then we will get to the quote that frames our talk today, i would have been a pe teacher. we'll talk about a path not taken and why a lot of these folks who became so impo

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nhk world kean expert om a leading thinktank about what to pe. >>orr: new yr, new present. south korea goes to the polls in march and all eyes are on the frontrunners. the econ from thrung reformeang democrac rty against a nsvativerom the main opposition people's power party. and there's also the centrist people's party, whose approval rating is up. james kim is a reseah llow at the instu for policy study. he says three-horse presidential races are quite the rarity here and says t candidates have new ideas where to position south kore ot koan the worlste. regardleswhgets ect, we'll see changes in poli. th include nationa surity relad matter the curntdministration had an approach to policy largely centered onor korea. no my issues tside ofhe noh re were you know, talked about or considered. but i think both candidates, both leadi caidates, ang with the third-party candidate even, has stated an interest in broadening thatutnto a more so o global approach. >> reporter: that's not to say cross-border ties won't be a prrity. and a chgef leader ith south means pyongyang could soo

now it is a 160-dollar stock with a 29 pe. is this quote, unquote a value stock?this is the thing really important to pay attention to as you go further into this year. right now it is lumped in the basket of value stocks because it is proctor & gamble. it is not truly a value stock. neither is coke, neither is disney, a lot of these companies. look at stock trading two times price to sales, less than 15 trailing pe, earnings growth over 25% with a dividend yield. nucor, those are value stocks. it is important for investors going forward to really dough your homework. before you jump off buying value stocks right now they're very overbought. we put on energy trades back in december. when the fed hikes rates that negatively impacts oil prices and energy going forward. starting to pull off a little bit of that idea. these tick stocks have gotten really beat up. not value, they are growth i think we'll see a short term rotation back into growth. that will give you an opportunity to maybe buy value a little cheaper in the next couple months. charles: i'm glad you clea

that's the push/pull there's valuation premium still in there microsoft forward pe multiple, it raced up last year into the mid-30s even at a premium to the overall nasdaq 100 this is relative to the s&p as well we have come down sharply in terms of earnings but we're still 30 times this again is the off setting current. we have a discount off what we were willing to pay last year but on a longer term scale, not particularly cheap, even though the premium for the s&p is not too different than it has been the last few years >> that's outstanding. mike, in terms of you saying the market has done all we would want to see it do over the last 24 hours, but there's still more to do, microsoft earnings tonight and the fed tomorrow could make or break things >> right if nothing else, those are going to clear away a couple of psychological hurdles, maybe actual hurdles it seems like treasury yields are stuck here they're pricing in plenty of hikes. maybe more hikes than powell is wilding to give a nod to tomorrow, but also they're unable to -- yields run able to go up because the stock market

consuming more and more online but looking at the chart it is like a bungee jump i look at forward peas in the 40s has come down to the higher 30s and too rich and at lower prices are a price discovery mode i don't think the bottom is in i'm a seller. >> up 5% today a tough slog why now to amd and seems to be a tell for the space. seems to turn and trade poorly and tell you about the space and the market what would you do with amd here? >> i want to be a seller there's sensational growth seen four years. the stock is on fire i look at it as intel's little brother and the earnings tomorrow after the close will be a forward guidance criticalness of the forward guidance i look at it as a bigger market cap and amd caught up to the big brother but i'm aseller becaus challenging to look at it as a technical perspective. you will see the transition and the bigger brother of intel. amd, in this stock for this way it's time to take profits. >> want to offer a parting thought on the nasdaq here overall closing out the worst january ever >> yeah. i'm a sucker for a sale. but we like semiconducto

which is five 1/2 pe. many times e&p are valued discretionary cash flow.h flow, it is.3. this is ridiculous. a company with zero financial risk. >> scott, this is carlton english. net star, media group is one on the radar. what opportunity to you see over the next year? >> this is the best run of all the independent companies. down in irvine, texas. they basically have 199 stations and 116 markets. they cover all the 50 top dmas. big beneficiary of political advertising. they will do over half a billion in revenue from political advertising alone up from a puny 40 million. their regular business and advertising flowing about 6%. they're free transmission revenues are about 10% revenue. when you president it all together the stock is $162 today. my number is little different than the street. a little lower 2525. >> jack how, we have 30 seconds, hercules capital business development company. the yield almost pornographic, i 7% s that right? is it safe and what do you like about the company? >> $1.32 dividend, 7.8% yield. they specialize in technology and lif

they told they were getting a substitute pe teacher, who they got was a local hero. st. louis cardinals outfielder harrison bader. the major leader major leaguer joined students for gym class and try to be students of their own game. >> in the game they played they had a lot more success that i did. i found a lot more success on the field in front of st. louis fans. >> harrison bader won a gold glove for his defensive play. he says he will stick to baseball and leave teaching to the real pros. >> best day ever, right? >> that would have blown my mind, growing up as a professional baseball player showed up as a pe teacher. >> just playing dodgeball with you, can you imagine? >> dustup all the way into it, man. >> just loved it, please. ouch. >> he has plenty of time with lockup going on let's see what is happening in the weather. the storm track has pushed north. this will remain the pattern for what looks like the next couple of weeks. the rain is again aiming toward the pacific northwest. flood watch is in effect around seattle. a dry forecast in store for the bay area

share price down about half from the highs and pe ratio is in the low 30s.thoughts of in mode i don't know why that stock fell so much. i think that's a great opportunity. i think one of those made with bad names. i think that's what i expect viewers to do is come up with makes it like in mode. i think that's a good call joanne >> yes hi, jim. thank you so much for taking my call >> all right, you're welcome >> caller: and for the wonderful advice you provide the financial education you give to so many with your show and investing club, anyway, my stock is rio tinto i was looking for a good dividend payer with a low pe and decent earnings and also i had read that they had just bought a lithium mine in argentina. >> i always favored owning rio i think it's a great long term position i also like gold i think that this is a good mineral company over the multiple year time don't want to look over the short term you got a good one >> carrie in colorado. ka kay carrie. >> caller: boo-yah, jim. i'm so stoked to talk you to nothing. i'm an invest club member. i'm so

i'm in a pe boynton my selected tough because you're crunching your money. oh yeah, yeah. philip was initially enrolled him on that bill. okay. resume. so no see to pay by check or if you're on one of them and let me see on the measure of you know, the buffering get can get, can those out by the do that time is in a co issue 0. yeah. dave gusta, glen heat in ah, for new ones that interest me i when i read out the political state of the will be in car rental, stay of the world. and it's still going to hell in the home. i use maybe the hope in the human, it's some a rational thing we've got we've got to anyway, ah, rationality is worldly, overplayed in the brain in the mind, yet so useful. so it's where you're real thinking, kelley blue with ah ah just maybe a more all to get a list for a i'm going to a moment, all at a sheet and i repeated all the sheep are overcrowded with who knows what's going to happen to them? a case is not terribly, no lawyer, but we can do what we can to so we will, it will control upsetting things slot, slung, loosely rescue. some peo

the decline of pe, the vesa, the once flourishing state owned oil company began 20 years ago when ogo chavez started steering its resources to fund his social programs and replace most of the management with is loyalists, rhythm and bugler petroleum live in his way, lou was an industry that before the oil strike of 2002 was practically a political and independent, it managed its own resources with when it fell into politics and they created the concept bottle where they said belongs to everyone. well i think that's when it went into the client, it goes by the race as facilities in other parts of venezuela are also suffering from a lack of maintenance and investments in the northeastern state of monogamy. near the agricultural area of my dream oil leaks from an older pipeline, a recurring problem for the farmers. it oh you oh, there have always been oil spill, so mostly in the older pipe. yeah. i am not aware that the new pipe has broken off, but the old one has because it's been used for more than 60 years, rather miles in badly industry. experts believe the country still has the larg

i'm in though even i'm in a pe boy to my to top because your country nobody oh yeah. yeah. so that was an issue in the one that be you know, about the key resume. so no teacher paper shadow room and over here and let me see on the museum, who knows if everything get can get goes out by the time is in april issue 0. yeah, i saw glen here in a little ah wants to do that. then he didn't want me i i when i reach out to little state of the will the environmental stay of the world. and it's going to hell in the home. i use maybe the hope in the human. it's some totally irrational thing we've got we've got to anyway, ah, rationality is worldly, overplayed in the brain in the mind, yet so useful. so it's where you're real thinking, kelley blue, with ah ah, just now maybe a more old to get a a . i'm going to a moment all and i repeated all the sheep are overcrowded with who knows what's going to happen to them? a case is not terribly no lawyer, but we can only do what we can to. so we will, it will come from upsetting things slot, slung, loosely rescue some people but will do with w

i'm in a pe boy to my to tough because you're going to your money. oh yeah, yeah. philip was initially enrolled him on that be, you know? okay, missing. so no teacher paper. she the room and on your own water on them and let me see on the museum. you know, the buffering get can get can was out by the do that time is in april issue 0. yeah, i saw the gland heat in a ah, for this a do you want to say that they did? so when i read out the political state of the will the environmental state of the world. so going to hell in the hancock. ah. so maybe the host in the human system totally mad to russian little thing. we thought we'd kill to anyway. ah no rush. shanella is worldly. over the plate. you know? yeah. the brain in the mind. yeah. it's a useful tool, but the ha, it's slow. you real thanking kelly? oh a just a morgan all together, a list a i'm going to a moment all at a sheet and i repeated all the sheep are overcrowded with who knows what was going to happen to them? a case is not terribly, no lawyer, but we can only do what we can to so we will,

boy, i'm in though even i'm in a pe boy to my to tough because you're going to your money. oh yeah, yeah. so that was initially enrolled him on that bill. okay. resume. so no teaching paper showed the room and on your own water on them and let me see on the museum, you know the buffering deck and getting those out by the time is in april this year 0. yeah. dave gusta, glen heat in ah, for this a do you want to say that he did? so when i read out the political state of the will to environmental state of the world . so going to hell in the hancock? ah, so maybe the host and the human some tech lead mad to russian little thing. we've got a we've killed to anyway. ah no rush. shanella is worldly over the plate. you know? yeah. the brain in the mind. yeah. it's a useful tool. but the ha, it's slow. you real thinking, kelley blue with ah ah just now maybe a more all to get a shit for they are so and by, i'm going to a moment, all at a sheet and i repeated all the shape are overcrowded with who knows what's going to happen to them a case is not terribly no lawyer, but we can do wh

i'm in the, i'm in a pe boy to my to top because your country, nobody oh yeah. yeah. philip was initially indian one that be you know about okay, missing. so no teacher paper shadow room and over here and let me see on the museum, you know, the buffering get can get a bigger issue 0. yeah, i saw the gland heat in ah, do you want to do that to me? i when i read political stay in the will be in car rental, stay of the world and it's still going to hell in the home me. i use maybe the hope in the human, it's some totally irrational thing we've got we've got to anyway, ah, rationality is worldly, overplayed in the brain in the mind for useful. so it's where you're real thinking a with ah ah just now maybe a more all to get a list for a i'm going to a moment all at a sheet and i repeated all the sheep are overcrowded with who knows what's going to happen to them? a case is not terribly, no lawyer, but we can only do what we can to so we will, it will control upsetting things. slot, slowness. we rescue some people. but schools doing with with, with with ah, ah ah, so

if people ebay a power to san francisco glass office with k boyce, i'm in the, i'm in a pe boy to my to tough because you're crunching your money. oh yeah, yeah. so that was initially enrolled him on that bill. okay. resume. so no teaching paper showed the room and over here and let me see on the museum, you know, the best way to get can get to know that by the time is in april, he's sure 0. yeah. dave gusta gland heat in a more ah, what do you want me ah, ah. when the re, political state of the will be in car rental stay of the world. and it's still going to hell in the home. i use that may be the hope in the human a rational thing we've got we've got to anyway, ah, rationality is worldly, overplayed in the brain in the mind. so useful. so it's where you're real thinking, kelley blue with ah ah just a more old to get a shit for they are so i i'm going to a moment. oh, i repeat it. all shape are overcrowded with who knows what's going to happen to them? a case is not terribly, no lawyer, but we can do what we can to so we will, it will control upsetting things slot. slung, loosely re

made normal stocks have a high pe as well. soo so why would you wait until the market comes down a bit lower? it's not very comfortable. still on a mempremium to what it historically trades at at 18 >> i'm selling stuff at 50, 60, 75 times >> i guess so. >> yeah. leslie, you have one last thing for jim? i so much appreciate you bringing this interview for us as well. why don't you wrap it up for us. >> thank you no, i appreciate you allowing this interview to take place jim, one more question kind of going back to what we were discussing about the retail investor, debt levels going into this recent selloff at our near record highs, what do you think's going to be the broader impact with regard to the retail investing community after these losses after we sift through the damage do you think they'll still be active participants? >> i'm worried a good question i talked about it at my talk at mfa. if you go into wall street, reddit, twitter, and look at the meme stocks have round tripped, the amount of cognitive disdense that i s

other reasons include burnout, a search for better job opportunities, self employment, or more pe, the masses leaving their jobs only exacerbating supply chain and staffing shortages . seen in virtually every sector in the us. but at the same time, it's also a job seekers market one and a half jobs are available for every person who's looking for work a total of nearly $10600000.00 job openings right now are currently available, especially in a hotel transportation and health care industries. for boom, bust trinity chavez, our teeny york for the deeper into the issue with steve burbridge. the host of the steve gruber show and forgotten america and professor reachable host of economic update. and author of the sickness is the system of capitalism fails to save us from pandemic or itself. great to have both of you here for this conversation that roosevelt. i want to start with you on this. i know we've talked obviously about this great resignation in the past on the show. but what the takeaway when we're seeing such strong job growth at the same time we're seeing we're record number of p

we chet run by tense and holdings and, and groups. ali pe hold a 90 percent share of the mobile payment market between them. but recently which had followed an audi pace. footsteps were making it compatible with you on the move by 10 cent to make its hybrid messaging and more by payment at which it compatible with the digital you on could be a significant step in its adoption, which had already boasts more than 1000000000 use us worldwide and is widely used across china. the developments appear to be part of a broader push to attract uses the head of china spring fest to will as well as the winter olympic games. the p b o. c. set that foreign visitors coming for the winter games would be able to use a digital you are at olympic when use, even without a chinese bank account. it'll be the 1st chance the outside world has to get a glimpse of the virtual currency. for now, china says the digital currency is intended for retail payments in its domestic economy, but it could help curve the dominance of the global dollar settlement system. although some financial experts argue it could still b

lee file that report for us to join me from type pe with more. joyce, a taiwan was the 1st place in asia to allow same sex couples to mattie in 2019. but when it comes to parenthood, it isn't so liberal. what explains this difference? oh yes. and taiwanda, legalization of same sex marriage was actually driven by the constitutional court. ah, the island passed a bill in favor of gay marriage 3 years ago, despite the majority of the population voted against it in a referendum. so the laws are actually ahead of the times and, and taiwan is part of the conservative confusion, cultural environment of east asia. anna, it's not as easy to push forward gender equality movement, especially when it comes to the concept. alpha family. for those who oppose same sex couples rights to adopt. many are coming from the perspective of child protection. they think it's unfair to, to children because they may be bullied or discriminated against as they grow up with same sex parents. ah, but things are gradually changing here. same sex couples are gaining more social acceptance in the past 3 years. according

you have large caps trading at record pes relative to small caps.o we think that as the economy normalizes, which we think we are continuing to do, the market will have to normalize. that means that part of the market that has not done as well will do well as interest rates move higher. jonathan: take me to the second half then. brent: i worry more then because the second half of the year, we could be moving towards that. at the end of 2019 we had a pretty tight labor market. between now and the end of the year, we could back to where we were in 2019 at the end of that time period. a leader economic cycle market where we are out of labor market slack. then the question becomes can productivity keep up. we only have around 4 million more people to hire before we are back to where we were in 2019. that means 10 to 20 months before the labor market could potentially be tight. that is when you might have more real inflation. not the one you are having right now based upon covid and some of those abnormalities. lisa: you talk about the first half and the

>> el impacto es tremendo porqu vemos toda la costa manchada con petroleo >> mas de 1.200 acres se per estrellas de mar cangrejos todo esto esta muerto que decir la flora >> la marea negra avanza a pesa de los trabajos de limpieza >> dicen que cualquier esfuerzo que se haga por recuperar las playas podrian ser suficiente porque el petroleo ha penetrado en la teierra en las piedras y e todo el ecoasistem >> los alimentos de los peces e planton muere entonces genera cadena de consecuencia >> consecuencias que pahgamnn pescadores que ya no pueden lanzar sus redes >> sin hacer nada sentado de la noche a la maÑana es duro >> ezsxpertos de la onu (organio naciones unidas( llegan para dar apoyo tecnico josefina solo q quiere ser voluntaria para s seguir salvando animales en lim peru noticias telemundo en >> pavamonos a una pausa. y al volver; se desata la polemica por el look de minnei ie mouse se lo mostramos al volve con cualquier breakfast sandwich. cualquiera que sea tu bebida favorita, si viene en un vaso de wendy's es gratis. ¿café? gratis. ¿diet coke? gratis. ¿frosty-ccino de vainilla

porque pe espesre ii y se coloca en un lugar defensor, son metas que ugaudennahanoside un a"parti""para de propÓsito le cly archiy la miptadeo de estadounidense sufren de esto, los hispanos y afros tienen el doble de padecer. >>> los sÍntomas pueden variar, algunas personas sientan quaeanimos para es smeshe y los 10 y un estudio de la revista circulariacie casos de besar son altos lo que podrÍa llevar a riesgo. los mÉdicos recomiendan ejercicios josre y ver mere y en ensmeme y aumentara el salario mÍnimo, para los que tienen mÁs de 26 trabajadores pasaran a pagar 15 dÓlares. tambiÉn una ley que facual cilitarÁ aÑadir unidades extras o convertir las que se tienen en dublexeo. otra normativa obligarÁ Á aprobar antes de comprar armamentos un. y enarchien bicer el Área de... "a primera hora." tambiÉn el fuente de san mateo. a tomar mucha nota de todos estos cambios desde maÑana recuÉrdelo>>> es que estas nuevas eresie y quearchi>>>eypia y aquÍ ealgunas de ellas. >>> en total son 22 leyes que entrarÁn en vigor el primer dÍa. comencemos la que elimina el uso de la palabra como (hablan en ingl

>> startby pe, by profitability, in relationship of price to that profitability. reason is that a name like apple is not as badly out of provides, out of whack, as a company not making any money the next ten years, because of discount rates. if you have a company making a reasonable amount of money today like apple is, discounts rates don't have as big a affect on it a company not making cash next ten years all earnings 20, 30 years from now, a huge problem with interest rates going up. >> take the example service now. a lot of bright spots in the tech space today actually. service now, cloud company, work flow, data services, up 40% year on year best since 2018, pre-pandemic comping on top of already strong growth not a sign parts of tech are experiencing a secular increase, sustained increase in demand to support these valuations >> sure. a lot of these companies are growing nicely as i've said to you before some of these are very good companies, just not good stocks. i haven't done valuations on that name, but there are going to be, going to be a lot of names t

it was a great chart looking at a forward pe on a forward pe basis, microsoft is quite interesting, it's 26 times the quality of the earnings growth and deserves a premium to its group and trading at slight previmium to ev cash flow which it should, think of the franchise, what excited me about microsoft long term and why vestors have it on a short list, they should, is if you look at the product growth and tier one -- the gross margins is as good as any company especially in the mega cap space i worry about the market we're in it's concerning q2 is a seasonally strong quarter for them that was a great print largely and we still don't know where they will be on the third quarter. vis-a-vis all the others it's hard to believe you're going to get an enormous guide on 3.2 i think it's time to wait. >> jeff, would you wait? would you add to a position? >> i think you can only be so precise about these things you're a long-term holder i think continue to add on the way down this is the type of tech stock that will work really well once we get past this market environment. this is indicative o

the pe that the homebuilders trade at, even toll building more of a premium, about six times forwardnings, worst we have seen since 2006 going into the housing crisis so just as a data point we have the percent fundamentals for home purchases and renovations in a generation and the homebuilding stocks trading at pe recession levels and what does that mean for the stocks that you follow? what does it tell us >> typically it is not great because the big remodeling drives the bus where the profits are. you will still see home depot and lowe's, people need tape and light bulbs and batteries but not refreshing the kitchen and bath epa replace the flooring, every room is painted at this point it is rough why that's a leading indicator what the september. is around the stocks the initial outlooks for both companies will probably be fine for 2022 but we get to the back half and not much fundamentally supporting the group. >> are there any stocks in this group you think have a better chance to withstand the headwinds than others? >> we have moved to the sidelines on everything touching home.

yield abouts 2.8% growing dividend over the last five, six years clip of 15% and a pe just 10.7 interest potential, growth potential to rising rate environment and low multiple we think that's attractive. >> yep detail on horizon washington trust and the other games mentioned. what would you do? results in the morning from biggest banks. what would you do with them? why might not not have quite as much up side >> larger money center banks have upside as well. additional upside potential we see with the smaller cap regional banks from the m & a perspective. see it picking up towards latter part of 2021 we think that trend around consolidation of regional bank space continues and also we know banking is basically becoming a technology game. those banks that can adapt to the changing customer preferences for the way that they bank and the fintech movement are the ones best able to adapt and survive we think that comes from the regional banks more so than it does the big money center banks. >> a final question on this. how much was pulled forward into 2021 or to what do you attribute such st