rick szelc the managing director of neuberger berman. eight years later, is it all about the fed?> all about the fed. more about earnings. we view it right now the p/e multiples about 17 time, not going to expand much from here. to make a case for higher levels in the market, you have to make a case for stronger earnings. >> but 17 historically is a high number for s&p earnings. isn't typically 15, 16 the higher valuation. >> the high end of a range and, in fact, we just actually at u.s. trust went more neutral on equities in a tactical allocation shift, and the reason we feel that way is with multiples at full levels, number one, and with the summer coming, with possible rate hike fears, u.s. presidential election, you got the u.k. referendum, a lot of stuff to worry about, and we think that could cause downside in the markets over the near-term, and so we pulled out to a more neutral waiting. gary: how do you see the world? the markets? the fed? the earnings? >> gary, there are no layups. at the beginning of the year when the market dropped 8% in two weeks it was very frightenin