sotheby's stuff. >> deja vu my voice, i apologize to the people at home i know you think you know me, and you say, absolutely, value trapped in terms of the s&p and you know what, mel you'd be wrong w-r-o-n-g wrong, i think it's a value trade. i think it's 17 times for ward earnings and in this low interest rate environment the market is not expensive and it will not sell off because because of other reasons and they're right at the top and the fact that maybe the fed will disappoint or maybe there is no china deal or maybe this situation with iran gets worse and the mark has a lot of reason to sell off and valuation, the s&p 500. >> let's go to the value queen >> you'd think i would say it's a value trade and i feel like it's a value trap in that -- upside down. i can see a little bit of a case for value trade if you would say rates are much higher because rates are much higher the multiples are lower and that's reasonable and however, i am concerned about the trade issue and i am also concerned about it taking a much longer time and in that waiting period, assuming we even get to a deal, but in that waiting period that people are just mor