this is the real story meaning this middle line here is only unchangd because the u.s. is influencing it. you take the u.s. out and that's the real fact. global equities are not performing. here's the visual. s&p, all world equities and the only reason this line is here and not here is because the u.s. is influencing and bringing this up. basically no progress. now, take a look since the last bull market in october 2007. u.s. equities are up 33% from their prior peak. equities as an asset class and exwe canities without the country u.s. are down 30%. this is a disaster, yeah? nothing short of it. there's the visual and let's go to the trade. the presumption is the u.s. is on borrowed time and it will go the way of the rest of the wonderful. i do not draw the lines. i didn't make this fit. the lines draw themselves. it balances perfectly. guess where we're fade right now right off the top . that em plies about % here short the spy. >> the s&p is trading about 17% earnings that's about a turn and a half richer. the only reason you assign higher multiples to stocks is you