sam stovall. jonathan brodski. rick santelli. michael yoshikami, everybody is trying to come up with a reason for the selloff. don't you think it's simple profit taking? >> i certainly hope so. i think that's what investors should be doing is taking profit. there's nothing wrong with a little profit and paying a little tax particularly given how far the markets have rallied at this point. we have treasuries at 2.8. that really suggests maybe the market thinks quantitative easing is, in fact, going to be tapered sooner than later. i think it is profit taking. i think that's smart. that's what we're doing. >> michael, you're saying here that you think this softness illustrates that growth won't be as strong as expected? by all indications, whether it's the retail sales report this morning, recent reads from other sectors of the economy pointing to momentum in 2014, most people are saying the opposite. >> here's something very, very interesting. if you look at retail sales, why is -- why are retail sales good but retail earnings bad

let me start with sam stovall. what about your forecast for next year? >> hey, bill. our forecast is for, actually, more like a middle single digit advance. 1895 is our target that our investment policy committee has placed oen the market for next year. i think one reason is because we're concerned about the timing of what we regard as an overdue correction. if we get it out of the way early on, then certainly that gives us time to post a positive full year. because it takes on average about four months to get back to break even from suffering through a correction. >> you're not changing anything right now because of the "t" word being used? >> that's correct. our chief economist has a better batting average than ted williams. 2 for 2 saying no tapering september, tapering in december. >> eric, what about you guys at russell? >> we haven't changed it. we actually see yesterday's news and the reaction as good news is good news. our expectations for next year, similar to sam's, is about a 7% total return on equities. about 5% price appreciation. 2% dividend yield. we're

. >> sam stovall, we've now that three days, potentially four days of losses to start off the month. extremely rare at least in recent history. i think this is the first time since june 2011 we've seen such a stretch. is that the kind of information people should trade off, though, or is it just statistical noise? >> i think it's noise right now. really it's only four days. the thought is they're doing this in advance of tomorrow's employment data with the worry being that the fed will likely start their tapering program this month rather than wait until march. our expectation has been that they would do it in december. but, again, it's because of improvement in the overall economy. our belief is that because of some of these head winds, et cetera, that maybe we don't accelerate too rapidly and so tapering does not become tightening. >> i'll ask rick santelli about that in a moment. first to michael yoshikami. you're looking at deleveraging in the economy that continues. you think that also is sort of a drag on our economy right now. >> i think it's going to be a huge, huge drag on o