we have a broad ral lichlt apple's not participating. let me just tell you, people, this thing scares the heck out of me up here, all this complacency. futures are down four points in the last month alone. there's a lot of complacency. i hate the euphoria. i think you have to wait and take a pause. i think the complacnecy. >> why are you so hung up on the vix being at -- >> i don't care about spot vix. >> if the vix is a measure of complacency for sure. look at the s&p 500 today versus 2007, it's 14. then it was 16. >> are you bullying me? are you bullying me? >> i'm just saying, you could say complacency is out there, and the vix is low. there's a reason people want to get into stocks right now, mike coe. >> not exactly sure that i go along entirely with the notion that stocks are cheap. forward-looking basis it certainly seems that way. a couple of things you need to consider. if we did have an increase in rates, that will pressure the waited average cost for capital, business will bring their earnings down and based on interest rates.