diane jaffe of tcw, and the dividend focus fund she manages rose 21% last year. welcome, diane. i want to talk about your stock forecast, because, you know, the economic growth numbers we got today, not so great and earnings have been so so, so why are stocks just keep going higher and getting close to new records? >> the records are being broken, but the valuations are still unbelievably attractive, and that's a lot of important points for viewers to focus in on, valuations are still really exceptional and good opportunities. >> so as you manage your funds, what's the key theme of the stocks you are selecting? >> they must meet one of our five valuation characteristics, generally speaking three or more and a company specific catalyst for cash flows, operating margins and eventually higher earnings growth. >> let's begin with fizer, largest holding i ur funds. up 20% this year. why do you like pse, that trades on the new york stock exchange? >> for two reasons. first of all, they have gone through significant cost cutting focusing on core business of pharmaceuticals with the sal