if you think exxon and chevron, youbsly teleco. >> i think verizon and at&t were two stocks that tradedideways. over the last six months, we have seen both stocks run up to all time highs on little or no news. the only news was interest rates were going lower. search for yield. obviously they backed up a little bit. i would submit the valuation, maybe not that rich, but it's not cheap other, so i think there's more room on downside. i'm still a bond bull by the way, but i think the market will shoot first and ask questions later. >> if you were a bond bull, how can you not like stocks that are yielding more than the bond markets are? and as far as how expensive they are, i'm trying to figure out what expensive is. with the bond market trading 18 times, probably going earn four bucks in eps. >> historically speak, i think they are expensive. given the norm for the stocks over the past ten, 15 years. i am a bond bull, but i don't think the rest of the world is is, so why i think they're going down is because the world is bearish bonds, thinks rates is going higher. >> they're not vulnerab