here is richard bernstein. the ceo of richard bernstein advisors good to see you.hy do you think people need to be paying attention to what's going on in these global markets? >> kelly, i think, look, we are -- as a firm we are either famous or infamous in terms of thinking there is a broad range of asset bubbles going on right now. what bubbles tend to do is make investors myopic, thinking there is only a small universe of opportunities. we have been telling our investors there are plenty of things going on around the world. people are ignoring them the graphic that you showed there are any number of different cups, size categories and things like that that people are ignoring. >> ironic that you might say the nasdaq might number a bubble but saudi arabia looks great contextualize some of these countries where you are saying, hey, this is a fundamental opportunity here and not something that -- when i look at it, i think maybe it is a global liquidity bubble. >> i don't want to lead people to believe we have positions in saudi arabia we don't that's a generic stat

tom: one of the most important books done on this was by richard bernstein called navigate the noise. i want you to navigate off of richard's great book. how do you dovetail the use of cash right now with your caution? dan: that is a great point. the way i think about crash right -- cash right now is it is a huge opportunity cost but the relative drag of owning cash, in this environment where we are increasingly worried about wants being correlated with -- about bonds being correlated with stocks. the role of cash should increase in the portfolio. if you go back to the 60's and 70's, cash was one of the best assets. tom: give me a number here. dan: you have to be tactical. owning equities -- equity is going to go up here. our flagship portfolio, having above normal, 5%, 7% cash in the portfolio makes sense. tom: i am at 98% cash. jonathan: what? i'm just saying. dan: you will never guess what year i was born. jonathan: i wasn't taking this anywhere. you always think i am trying to cause trouble. your bond market yields aren't changed. your jobs report is around the corner. tom: we hav

about 9% year-to-date our next guest does question whether retail stocks will see benefits from richard bernstein advisers, thank you dan. talk us through where you see the consumer and how you believe that will or will not play into the retail stocks? >> well thanks, courtney you know, i would say i'm pretty mixed on the group overall i mean, at rba, we look at profits, liquidity sentiment i think there are some good things an bad things overall as mentioned, consumer still has a lot of money to spend and they will spend it into the holiday season so the numbers that these companies are going to put up are probably pretty good but as everybody is focused on supply chain issues and the ability to have pricing power, pricing power tends to go further up the supply chain. so obviously as consumer focus companies they're going to be at end of the supply chain and they're not going to have as many supply chain pressure and they are the most labor intensive. meanwhile, from a liquidity perspective, there is one sector that sticks out that tends to underperform as the fed is tightening as they start to