obviously one of the most well-known private equity companies founded by steve schwartzman and pete peterson, obviously one of the most successful financial startups we've ever seen they've been operating very well, we've seen their fee related income grow consistently while a lot of financial companies have seen pressure on fees, on fee margins more specifically, you know, this is a company due to the nature of their alternative investing end, of course their diversification, that isn't seeing quite as much exposure to that that said, this is a company that has benefitted from the accessibility of cheap debt, the increase in asset prices generally. and most importantly, it has benefitted from basically an increase in its valuation multiple its historical valuation multiple is closer to 22 times earnings relative to the 27 it's trading at now that would put the stock right around $97 i think to play carter's technically bearish thesis right here, we could look out to december i was looking earlier at the 115, $97 put spread. that would put the stock around 97 bucks a share, i'm sort of targe

i think a second is, in terms of economic competition, to go back to pete peterson said. we can blame the europeans or the chinese, and i'm not saying -- i'm certainly not saying that we should do that. but until we get our act together, until we we lies that technology, and in particular human capital, until we build the infrastructure, [inaudible] . the cyber infrastructure, we are not going to be able to be competitive or prosperous as we have the potential to be. for.so i think that's another parallel. one big difference, and you alluded to that. was in 1971, nixon was able to get behind big policies. and nixon, republican obviously, he faced the house and senate controlled by democrats. not one or two votes. the democrats really controlled. and yet he managed to get a coalition of liberal democrats, conservative democrats, liberal republicans. and that was a big part of our political establishment. and so when it came time to deal with the dollar and all these negotiated issues, he had enormous support. he was very skillful in cultivating that support. but it was the

the second is in terms of economic competition and i go back to what pete peterson said. we can blame the europeans then we can blame the chinese and i'm not saying it's not that until we get our act together at home until we begin to invest in technology and particularly the human capital until we build the infrastructure and i keep talking about roads and ports but the cyber infrastructure we are going to be anywhere near it as we have the potential for. and i think that's another kind of parallel. big differences and you alluded to that that in 1971 nixon was able to get behind big policies. he faced the house and the senate. democrats really control and yet he managed to get a coalition of liberal democrats, i'm sorry -- and that was a big part of our political establishment. when it came time to deal with the dollar in gold and all the associated issues he had enormous support. he was very skillful at cultivating that support but it was there and that was the huge difference from today. another differences you know in 1971 and i found this very interesting, we were j

pete peterson. evolved into one of the great financiers of all time.ill say one thing about arthur burns at the fed. this is what haunts everybody there. no chairperson wants to go down with arthur burns' legacy. at the end of that big table where the fomc meets, at one end is the chairman's office. you go through a door, the other you go through a door and it's -- they have a portrait gallery of former fed chairs. nobody looks at arthur burns portrait. he's viewed as a big mistake. and as you mentioned, it was because he wanted to please the president. and the question now being debated in markets is powell want to please this president? is he looking for reappointment when it comes up in february towards the end of the year all that decide. or is he really preserving the independence of the central bank? i can tell you this. i know jay very well. we text each other. we play golf together. we don't talk about policy anymore, i'm not allowed to. but he doesn't want to be arthur burns. and that should be hopefully a saving grace. we'll see. >> let me as