something you mentioned in your research in the last couple of weeks you said the bear market was over now i have to say up front he didnt say a rip roaring bull market was a bad but you said the bear market was over how does your equity market compete with a 5 percent six month table a year year for 90 a 10 year or 4 percent yeah its very difficult to compete at this point you have real if you look at the front end of the curve and you tack on some sort of idea or high yield spread thats a pretty competitive rate of return and so were not all pulled off at this point time the reason for the note saying the bear market was over is you really shouldnt treat this like a bear market you shouldnt expect the wheels to fall off the cart you shouldnt be afraid to treat this market dont expect things to just collapse thats not true the underlying fundamentals are good enough the credit markets are strong enough and if you find good risk rewards thats where you want to place your emphasis but this is not the grateful market the beginning of the great bull market what this is is finding really good risk reward some of the ise on the front end of the curve some of that is in midcap growth and some of that is overseas minneapolis fed president neel kashkari said to me its much more important what we signal with the socalled dot plot not whether we go 25 or 50 chris when they sit down at this fed meeting later this month theyre going to have one extra payrolls report march 10th an extra cpi report march 14 you need to see both those things before you can draw any conclusions on what you can expect from the fed later this month i think the fed has been very clear they want to get to 5 percent maybe a little bit 4 than 5 percent and they want to wait if that narrative changes i think they take a hit to credibility some of the data has come in a bit stronger in recent weeks but earlier this year some of the data came in a bit weaker and thats what you should expect the data should be mixed i dont think theres enough data to theres a lot of talk about how low can they go shifty i dont think they need to what they need to do is exactly what theyre saying get to in and around 5 percent weight and you know as any economist will tell you theres long and variable lags the monetary policy of all these other issues inflation is slowly coming down but grudgingly right and so now the question is how long can you wait were in a good situation where the economy has not cracked right foot youve taken speculation on the market inflation is slowly coming down youre normalizing rates and youre in a pretty good spot so you really dont have to rock the boat just continue to do what along your narrative what youre talking about that 5 percent level in around that 5 percent level and then wait and again that data i think will be mixed going forward its not going to be one sided and ultimately were going to get to a lower level of inflation but 2 percent i think its much more aspirational than anything else