p relativelythe s& flat. tom, you have some concerns about first-quarter earnings results. the biggest thing that keeps you up at night? >> the weather. we have had terrible -- i don't need to tell you here in new york. but you think about everybody was inside. they were not shopping. we already have 7:1 three announcements on the negative side versus the positive side. >> but we know this. earningsof decline in or share price assuming there will be some payback in the second and third quarter from the weather? >> we keep seeing you highs. we need to let some type of air out of the bubble. if you're looking for opportunities and you feel you are missing the marketplace, look for areas that have an underperforming in the u.s. where you will be able to diversify. >> like where? >> emerging markets have been beat up but not all are created equal. you have seen the problems in russia. money is flowing out in china. exports are down tremendously. doingeas like brazil are extremely well because all the natural resource stocks and companies make up that area are bouncing back trem