it's interesting to talked to stan druckenmiller.d the fed eased in the fall of 1998 summer of 1998 stan told me it was a generational buying opportunity. and it was for 18 months and then the nasdaq peaked out in march of 2000. >> looking to the panel as well as we're reflecting on the difference in valuation. i mean i don't know -- i'm tourous if people would cast this as a fundamentally victorious story or a negative one where, wow, look it took 15 years on an inflation adjusted level. we have 2,000 points still to go. >> there is a victory here we haven't touched on yet and the really important victory is going back to the nasdaq days, 30 years old, the index is 30 years old. when the index was started there were really only two indixex to start from. the dow jones, the s&p, maybe russell for small cap. the nasdaq 100 in 1998 made a huge difference. and that became really important. it's both the largest companies in the nasdaq it's u.s. and non-u.s. company that is leave for a tax haven, they're in there, but the other element t

stan druckenmiller criticizingib ibm yesterday.ay bill miller defending big blue's buybacks on twitter. we'll have the blow-by-blow when we come back. barbara just bought a bike. she wrote a tweet about it. you can't learn much from that. but take data from millions of tweets combine that with your company's supply chain and sales data. apply ibm analytics and expertise, and all of a sudden, you can learn which bikes to build what to make them from, where to sell them. because barbara and the world just told you how to build a better bike. there's a new way to work and it's made with ibm. >>> welcome back. we have breaking news on target. courtney reagan has details on that. what's going on court? >> yeah, that's right, bill we actually are standing just outside the doors of target's investor day here in new york city. currently presentations are still going on but cfo john mulligan just giving us targets' full year 2015 adjusted earnings per share of $4.45 to $4.65. the street had been looking for $4.50. i understand shares are gy

. >> stan druckenmiller said it's not so much today we see the problem as the trajectory could be worsened at zero rates is the debt which frankly is the reason a lot of the people don't want to raise rates, because the debt is too high, the debt is accelerating exactly because we have zero rates. corporate debt was $3.5 trillion in 2007 arguably a period many would describe as bubbly. it's $7 trillion now. so it's gone from $3.5 trillion to $7 trillion. >> just this week we've had historic corporate dead issuance again. what if that figure goes to $10 trillion, $15 trillion, what then? >> i think liquidity is of paramount importance which is why i think we're overweight technology higher quality balance sheet companies that they haven't really worked for the last 30 years because we've been in a falling interest rate market. you know what i think we should do now? we should do the opposite of what we did for the last 30 years which is buy the anti-credit sensitive areas of the market. so tech it's a sector that still has net cash. they haven't raised enough debt to offset their huge ca

. >> when corporate debt has ballooned, stan druckenmiller has talked to us about that, liquidity couldyou blame regulation do you blame big banks? who is impeding the recovery and who is helping it? >> you know i don't think there's fault. one, you do have roughly a doubling of the corporate debt market. it's one of the largest capital markets now in the industry in part brought on by the fact that banks are derisking their balance sheets so sure moving from bank lending to corporate debt issuance so we have that phenomenon phenomenon. for sure the volcker rule has impacted the inventory that banks will hold on their balance sheets, but i also think one of the stories which isn't quite written about is the credit market's attempt to find the transparency and efficiency you have seen in the equity markets was really the synthetic credit market or the credit derivative market and the credit derivative market is seen as one of the causes of the financial crisis. so in a bank like deutsche bank for instance, makes the announcement they are no longer going to write individual name credit de