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. >>> if you read the book or saw the movie the big short, you know who steve iceman is. one of the leading guys who saw it coming and structured some of the trades. steve carell played him in the movie. now one of the big shorts is going big time long. here is what he said on "squawk box" this morning. >> what i think is going to happen is the financial system is going to be at least partially deregulated, i think over the next couple of years there will be more leverage. and this will be a gold maze of investing in financial stocks. >> you would be very long right now financial stocks? >> as long as i could be. >> as long as -- is that what you are? >> that's what i am. >> all right, let's bring in gabriela santos at jpmorgan funds and brian bellski, chief investment strategist at bmo capital markets. you liked the financials for a while. many of them have moved, 20, 30, 40% in just one month. have we stolen all the gains from tomorrow yesterday? >> no way. first of all, merry christmas. second of all, we put out a piece on friday talking about according to our work that

here's what steve iceman said on "squawk box." >> what i think is going to happen, the financial system is going to be at least partially deregulated. i think over the next couple years there will be more leverage. and this will be a golden age of investing in financial stocks. >> so you could be very long right now financial stocks. >> as long as i could be. >> and is that what you are? >> and that is what i am. >> i mean, we all know that the regulatory burden is probably going to be relieved somewhat from the banks. higher rates a little bit do help the interest margin. they help bank stocks. but when i hear fraezs like golden age, that's -- you've got to pause a little bit, do you not? >> golden age scares me, as well. karen can speak to valuations on banks far more eloquently than i can. in 2007, goldman sachs was trading somewhere at twro and a half times price to tangible book. goldman sachs is around 1.3 times in a world where people are not waiting to see what happens and ahead of the curve, who is to say that goldman at 1.8 times tangible book is inviable and that gets goldman

stuart: and we've got steve iceman-- >> said it's going to be a golden era for banks, so many peoplehering as well as the federal government. stuart: dick bove said the same thing. yesterday you were talking to. take a look at the vix, they believe that the volatility is down. and we talked about a pullback, but they think it's going to keep going. stuart: we're looking to a straight shot to 20,000. we're 29 points away from dow 20,000. up just like that, bingo. why are you in cash? >> you look at something the company the size of goldman sachs, i would caution people out there if you've missed this rally you don't need to run in and jump into it i need to be part of it. it's at 20,000 and never going to pull back because it will. find your comfort zone. your spot. i would advise anyone jumping into goldman sachs for the first time up 30%, it's a bad idea. stuart: okay. >> stuart. stuart: i want you to come into this and tell us if somebody is not in this market, but they've got some cash, maybe in bonds or literally in cash, what do they buy right now if they want to get in? >> well