you mentioned the schiller index which averages 20 years of earnings. if you think there's going to be a global pandemic every 20 years, if you think there's going to be housing led great recession every 20 years then stocks are pretty expensive. we don't have the opinion into us the forward multiple which is half of the schiller level 20 times earnings is more indicative for the market price. jack: you have an eclectic portfolio. you mentioned the financials and energy, you also have disruptors like netflix. one of the hallmarks of a company that makes it into your portfolio, your clearly not sector focused. >> we like a company that is compatibly advantage that allocates capital while and based on the stock price that they're selling out today, we think it's selling at a big discount to business value. a name like netflix that you mentioned may look expensive selling at 61. it's a number we don't think has much relevance. what we think is important when they add a subscriber we believe that as $1000 to business value either adding 25 million a year, t