You know from our previous discussions we felt that the stock market was fully valued a year and half ago. It's basically flat this past year and I think as long as we have relatively slow economic growth in the 2 to 2.5 percent I don't see any reason for the market to increase much if it all. Somewhere between 0 and 5% and we continue to have extraordinary intervention throughout the world by central banks and governments there's no price discovery as long as we have monetary and fiscal policy continuing the way its been in the past why would you expect the future to be any different? We like this quote "bubbles in the market like bonds, commercial real estate, and certain parts of the stock markets will get resolved! One way or another in 2016". Correct us if we are wrong they usually don't increase? What exactly does resolve mean? They get popped which is we can only assume. Exactly and that's what happened in the high yield market. And that's the problem with the fed intervention is it creates bubbles and it does not allow the markets to act in way that changes when the market reacts before it gets too high. We need the fed not to reinvest anymore in it's portfolio. Let the market work, it's seven years after the recession. And then we think people will make decisions on sustainable basis instead of trying to interpret where the Fed's going.

We just don't understand wages are only going up about 2.2% have about half of what happens usually after when you're in the recovery. IF the feds goal of 2%. Inflation had occurred there would be no real personal income increases in America and that would reduce our GDP. The reason why our country is doing pretty well is relative to other countries is because of low inflation even though we have low wages. So we have a positive personal income growth of about 2% of 0 inflation and that's been good for us. And we cannot understand it already there's no investment income coming from middle income and low income people because of zero interest rates on their savings if we had 2% inflation your wages would go away why would that be good for economic growth? We dont understand the central bank. Central bank can only do so much and then you got to get the entrepreneurial engine that it is the United States needs to be unencumbered. We think most folks can agree with that. That's not going to happen, it hasn't happened and that's the only cure for any of this. And we have to get to normalization of the federal funds rate. If you think that the equilibrium rate for fed funds is probably between 3 and 4% we need to get the Fed Funds rate around 2% over the next year and a half so that if the economy is too hot they don't have that far to go to get to the 3 or 4 percent if it's too small they have room to reduce interest rate so normalization is what should be happening and they're too slow with at least it made one step but they got to get out of reinvesting their 4 trillion-dollar portfolio and they have to gradually increase interest rates hopefully about 4 times this year and eventually get to 2% by sometime in the middle of next year.