it represents people that potentially will bring among back into thesystem.xtremely low. the balance sheet of corporate america has never been in better shape. if we can get past the fiscal cliff and past the collections and see some stability in europe -- that's the number one issue, then you will see more -- >> the metaphor, bubble, sounds positive, but you're using it in a positive way, right? >> i know, erin, you have been defensive in this market. do you buy into steve's market that all of this cash has to be put to work at some point, and when the glood gates open, -- f gates open it will be good. >> no, with only 41% of the companies beating revenue forecast, we think they're eating into their cash reserves. we're advising people to be a little more defensive about their picks right now. >> if you're a corporation and you're worried about your margins at peak levels. you keep margins higher and you use less labor, i think at the very least, the use of cash on the balance sheets will keep margins higher. >> so what do you do then as a result? >> i was t