bill mixed bag i would say from the from the us banks today thus far what is your take away main street is beating wall street and thats gonna be the story of the next 10 years and thats what everybodys having a hard time wrapping their minds around people in the lowest 70 percent of americans are seeing their wages rise dramatically and then the wealthiest folks and the people that trade on wall street are going to see their bonuses disappear and their stock portfolio get smaller and thats simple demographics the millennials are starting to do necessities in their life which makes main street business really favorable and theyre not common stock owners even though they tried to mess around with robin hood and read it theyre really not investors bilbo what struck me is that jp morgan then sits at the perfect union at that because they have both and jamie diamond sounded really pessimistic it wasnt reflected necessarily in the amount of loan loss reserves that theyre putting aside for bad loans but he sounded really pessimistic do you think that thats just then how he sees wall street not main street yet the household debt service ratio and the mortgage debt service ratio are both close to 50 60 year lows so what what hes trying to tell you is there is nothing systematic that can go wrong and as i like to tell people 80 percent of what goes on the us economy every year is is fixed and 20 percent is variable so were all worrying about that 3 or 4 percent of the 20 thats variable and i also like to say that if your spouse loved you 4 percent less next year would you divorce him but when we worry about selling our stocks if if the market if the economy loved us 4 percent less next year i guess it depends on how much your spouse loves you to start with bill thank you very much for that that im going to think about that a lot look when you think about whats happening to the consumer what then when you think about whats happening with main street do you think that we are going to have to see higher interest rates being passed along i look at the net interest income number coming out of jp morgan its pretty high right now how sustainable do you think that is oh thats very thats extremely sustainable because were in the camp of people that believes that there is maybe a 10 or 20 percent chance that the fed will ever see 2 percent inflation in the next 10 years and we are in the camp that we expect 5 to be the number and that when the pain thats inflicted to get us to 5 is seen by everyone then theyll take the foot off their neck of inflation and then pop back up again and well welcome everyone to a redo of the 1970s inflation so bill you own jp morgan bank america if you didnt own them now can you still buy them and where and how else can you play this trend of how this next 10 years good for main street bad for wall street thank you thats a fantastic question we were just looking at this last week and we compared bank america to where it was in 2014 its and thats before theyd made their full comeback right from occupy wall street they were there training about the same price to book just slightly higher price to book in a way lower price earnings ratio than 2014 so if youre a long term investor like us you look out seven or eight years and think that their earnings are going to double where they are now and theyll normalize at a similar peak you pay double your money on the stock in seven years and thats good money in a world of rough stock markets rough bond markets because that interest rate spread think about spending four years finding out every one that doesnt require you to pay them any interest on their deposits they know who all the suckers are at the table okay yeah bank of america came into the year 50 its now trading at 31 you kind of what does it take to get back to 50 what does it take to your point to get back to 60 what is going to need to happen here for those sort of numbers to be possible the one thing that almost everybody besides us wants to do which is invest time right its not going to happen in a year look markets likely to be down in the next nine to 12 months because the punishment of this bear market must match the financial euphoria crime rate of the preceding couple of years thats whats always so so bill is there a better entry point coming up in these banks oh its possible but but the dollar cost averaging ise of this world end up making all the money because they buy when things are difficult and theyre plenty difficult right now the leaders of the next bull market will be a completely different set of stocks than led the last bull market