they have double-digit earnings both for the next five years minimum. 2% compounded annually for sogiis is under organic growth. it's not assuming buybacks. allergan trading at 5 times and shire at 10 times. they don't grow at 1% or 2%. they are selling at discounts on the markets. the market is excessively pessimistic about what this administration will do. gary: why is the bond market not buying into this growth story? u.s. treasuries continue to tell the market mess and that we are not going to d market message that we are not going to see the bond growth. >> after a 35-year bull market in bonds, i think the bottom in rates was hit july 6 of last year at 1.37 on the 10-year. it's creeping up gradually and it will be a jagged move. but i think we are in a long up trend in rates. it will be gradual and slow. as you pointed out, low rates around the world. german bonds hit a record low. that's anchoring our yields down, but the trend is still up in my view. i think we are in a bear market in bonds. trish: in some ways perhaps it's good to have a cap on those yields if we want to do al