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

a piece from robert schiller of yale writing back in 1997, the idea of inflation, he says, evokes quote, arbitrary injustice, arbitrary redistributions and social bitterness and quote, memories of quote social situations in which morale and a sense of cooperation were lost. we've got inflation in an economy or a society where there is a tremendous amount of lack of consensus, lack of sense of cooperation, arbitrary injustice, and social bitterness i just note that these things are happening at the same time there is a societal thing here people are angry they just don't like the way it is they didn't like it under trump. they don't like it under biden they're angry. they're finding anger in every corner and now, inflation compounds it >> i think that's exactly right. that's what's i think people in the kind of economic policy world which is kind of the world i inhabit, didn't really think through quite well enough. inflation like we're seeing, it's only for a year or two, not the biggest deal in the world. if you look at it from econ 101, how does that affect different groups, if you're