disaster, theomic fed stepped in and do great things to prevent that, but as we recovered, they did not take the traditional role of removing the liquidity and tightening policy. six years of zero interest rates. we don't know what it is like to we are stillke and at zero interest rate. we have a long way to go. >> one of the things stiller says is stocks are expensive but that does not tell you anything about what they are about to do. it may be several years before there is a correction. what is the timing? when are we going to see the correction? michael: i don't have a crystal ball but you have to position yourself so that you can digest these environments. the perspective of risk versus opportunity. at the end of 2008, there was tons of opportunity out there, potential for things to work out. right here, there is a lot of risk, a lot of things that can go wrong. right now, nothing has gone wrong. we see a headline every week they are about to go bust that they don't. we don't know what will happen but the 10% is not worth playing. >> speaking directly to your point, siegel plus quo