joe: pimm fox is sending me a message, he has talking to howard marks it on tree capital.e said i have had a lot of holding cash, so i feel like a kid in a candy store in terms of putting money to work rate how much of your client assets has been in cash? again, part of the other reason that the vix has been a subdued as a healthy self week is because people came into the new year defensively position. from that perspective we do think that there is cash on the sidelines that can be put to work. joe: you mentioned that there is a time when global volatility could have caused a u.s. recession, but it did not. the fed's action at the first sign of volatility, cutting rates and arguably a mistake. without people are saying there t anymore. does that make the situation different? this point the psychology has changed. what we want to see if the fed to be my cousin was at the september meeting of international development altering the pace of hikes. i think part of the rhetoric that we see this week about low oil is the subtle messaging that we do understand this. what you do n

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