what do you make of this strong dollar what impact is it having what impact will it have i think europe has to raise rates there is no two ways about it they dont raise their rates they have a problem and do you think this is or this is something thats going to happen i mean in addition to the energy problem there a huge problem in in the sense that you know the currency depreciated when does a strong dollar though become a problem for everything else every other asset class and every other country also thomas what do you see well it is generally a problem for international trade its a its okay for the us for the time being but on the long run it just wrecks have ftse international trade its its its not going to be with us in the long run so we have to keep rates sort of in tandem with each other so to that point thomas do you think that equities then in the us specifically have bottomed no way ive been ive been bearish for quite some time now and i hear another thing that they hadnt said button because i do not think that inflation is over i was saying that there are some long term inflation trends that are going to continue and even though for the time being inflation will come down a little bit not maybe come down quite a bit in the united states but that will be temporary because we have these deep issues of globalization esg the lack of skilled labor and continuing deficit spending and increasing debt service costs so that they all contribute to inflation and its not going to be over very soon so rates will have to rise even within the united states somewhat longer and that will stay up there so do you think the fed is capable of getting inflation back down to 2 percent within the next few years thomas no its thats not going to happen thats that no i mean they would have to cause a very very serious depression to do that and they would not do that so is that good news to stocks or bad news for stocks you talk about the fact that the lows arent seen yet how low do we go once we get down there then what so i think will be the bottom of between very three and very 500 the market will stay there for a while and then we will learn how to run an inflationary economy and then as the replacement costs are increasing with increasing the inflation i think stocks will begin to rise from there tell us what hedge funds are doing right now i feel like person after person a strategist like a strategist theyre not sitting in cash what are you noticing in terms of hedge fund flows thats right hedge funds are sitting on a lot of cash and so big that our our cash reserves have our customers cash reserves have risen in the in the course of the last several months very substantially and they are at an all time high right now and i think david is selectively starved coming into the market as it goes down well i was going to ask you get the impression that theyre saying in cash because cash is now yielding more or that theyre sitting waiting to jump back into stocks well you know they either theyre ise ise is not so bad i mean you know for example they had 4 per cent on their fed funds rate so you know soon enough we would be replaying two and a half version and that i mean that sure is still battle on their inflation rates but it is better than being in stocks of the moment that this kind of risk right so since its is that the right trade is that where you would put money to work right now i say work is that what you would put money right now would you be in cash real cash and people who are sophisticated and understand how to find two great options spreads for example that they can generate and some return on your money in option spreads and very close friends and you know just just raid for some of these stocks to to come to a good point where they can be bought in addition people who would be affable would have the guts to invest nowadays in europe there are very big fines there right now yeah as you say youve got to have got so given what the backdrop looks like maybe it may be a tough ask for a lot of american investors so was qe quantitative easing created a lot of wealth just cute t quantitative tightening do the exact opposite well it it is going its going to be an issue because well be well be facing a situation that we have never faced before so it is sort of hard to hard to tell but what is going to happen as a result in the money markets but we could have some some shaky times so it is we have to be very i mean the fed has to be very careful about how they do this i think just going 95 billion dollars a month is is so you cant really put it on autopilot thomas before we let you go i did want to talk to you about carbon offsets an impact you offer an app that allows esg investors to trade today we got news of sort of what ai esg investor and going after chevron what have you noticed in terms of interest in esg because it does feel like the conversation in europe is becoming energy security versus going green and not being able to have both and im curious to see what investors are doing with that so you know there are two minds on this topic around the world and that includes our customers you know some customers fervently believe in having to grow green and others believe that that is not so urgent so if we are trying to cater to the people who want to do both sides right because we just want to create whatever investment made because they want to use and so they are ability to to buy carbon on our platform as is is you know is sought after by by many many people and were hoping that theyll be happy doing it on our platform jeff tell us final quick question for me hows business sorry how is business is it busy out there right now just coming out of some of these er for it for interactive brokers this is this is a very good time it is a very good time because you know when the rates are rising people become conscious of what they are paying for example margin loans and they actually look and realize that we are charging less than half as much as other brokers do and other people want to see what they are but what they like we paying them on idle cash and then they see three and a half percent when we do an ad for a cent from fair to a fraction of a percent of other brokerage and you know that helps them make the decision to come to us so this is this is it this is a good time for interactive brokers but generally its a good time for the brokerage business in general because you know rising rates are good for the business