| market s p 500 going into a fed rate | 3.92 | Jump to 8.08 |  |  | 
              
                
                  | yeah well thanks for having me first | 3.68 | Jump to 22.08 |  |  | 
              
                
                  | you'll see there from that first chart | 4.0 | Jump to 37.44 |  |  | 
              
                
                  | first rate hike in fact the market does | 3.36 | Jump to 42.879 |  |  | 
              
                
                  | pretty well going into that first rate | 3.52 | Jump to 44.559 |  |  | 
              
                
                  | you know one that we've been focusing on | 3.84 | Jump to 67.2 |  |  | 
              
                
                  | very important for 2022. | 3.8 | Jump to 75.04 |  |  | 
              
                
                  | three times uh in additional offerings i | 3.921 | Jump to 102.399 |  |  | 
              
                
                  | at tech again going back to 1964 in in | 4.479 | Jump to 121.28 |  |  | 
              
                
                  | the face of the first rate hike it | 3.36 | Jump to 124.0 |  |  | 
              
                
                  | actually doesn't do very well it's one | 3.36 | Jump to 125.759 |  |  | 
              
                
                  | interestingly enough after the first | 3.521 | Jump to 129.119 |  |  | 
              
                
                  | a tough first quarter but it should line | 5.44 | Jump to 140.72 | 
                      
                        
                      
                        DATE
                      
                      
                        a tough first quarter
                      
                     |  | 
              
                
                  | we get into the second half of 2022. | 5.2 | Jump to 146.16 | 
                      
                        
                      
                        DATE
                      
                      
                        the second half of 2022
                      
                     |  | 
              
                
                  | chemistry 101 what you really want to do | 4.24 | Jump to 162.48 |  |  | 
              
                
                  | is isolate one variable at a time and | 4.401 | Jump to 164.319 |  |  | 
              
                
                  | see what the impact of that one variable | 5.04 | Jump to 166.72 |  |  | 
              
                
                  | to pull two levers that i don't think | 3.601 | Jump to 174.239 |  |  | 
              
                
                  | one of the things that we look at is | 3.2 | Jump to 182.48 |  |  | 
              
                
                  | 100 basis points let's call it uh in | 4.32 | Jump to 188.08 |  |  | 
              
                
                  | historically that's at least 190 basis | 4.16 | Jump to 192.4 |  |  | 
              
                
                  | news has been over the last two or three | 2.879 | Jump to 203.36 | 
                      
                        
                      
                        DATE
                      
                      
                        the last two or three
                      
                     |  | 
              
                
                  | 2022. | 2.72 | Jump to 218.159 |  |  | 
              
                
                  | second half of 2022 would have had a | 4.399 | Jump to 240.48 |  |  | 
              
                
                  | important for this story of 2022 to | 4.0 | Jump to 261.12 |  |  | 
              
                
                  | transition uh that one looks vulnerable | 4.16 | Jump to 272.8 |  |  | 
              
                
                  | and discretionary are two that we're | 3.361 | Jump to 298.479 |  |  |