let's bring in ron ansona and laura cane ron, i heard a couple hours ago on scott's program he listed a lot of cyclical stocks at all-time or multi-year highs he also referred to their pe ratios those are high what happens if the "e" doesn't come in over this year >> was that a rhetorical question >> yeah. what if "e" gets a "f" >> you get compression in the multiple we haven't fully distributed the $1.9 trillion in aid and presumably $2 trillion to $3 trillion in infrastructure, climate change and other types of policy initiatives out in front of us by fall so it would appear that's what the market is pricing in if it is modified you will have compression. historically those cyclical stocks sell in the low double digits if that high and so you got a lot coming and having said that within would assume that money is comes because the market's anticipating it for a while and getting signals from everywhere washington and wall street of more stimulus to come. >> laura, you actually believe that earnings come in nicely and support stock prices for further gains. >> that's right. we recent