. >> not tina louise there is no alternative. we can use the tina phrase for stocks because what is the multiple the s&p should trade at if you have yields in negative territory? i think you have a place here -- i don't think you should count out the fed ever in fact, that's been the dynamic of the last eight years. for a fed that probably exceeded all expectations yesterday, i'm not saying you shouldn't be structurally cautious, but you could be tactically optimistic here there's very little reason why you shouldn't be. >> really? very little reason listen -- >> cautious but tactically optimistic. >> the last two rate-cutting cycles the fed engaged in 2000, fed funds above 6%, twoe2007, 5% when you think about when we get into the rate cutting cycles, what happened? the s&p 500 was cut in half both times from the highs here. here we are. we know where inflation is we know that the fed is supposedly concerned about inflation where it is right now. they're really concerned about global growth when you think about it so we're going