| to get one final check of the markets | 3.6 | Jump to 14.0 |  |  | 
              
                
                  | s p 500 and nasdaq looking like they are | 4.72 | Jump to 19.76 |  |  | 
              
                
                  | 200 points or about half of a percentage | 4.161 | Jump to 31.359 |  |  | 
              
                
                  | 500 sector action energy information | 4.08 | Jump to 35.52 |  |  | 
              
                
                  | you know we always say the last 20 to 15 | 3.52 | Jump to 58.64 |  |  | 
              
                
                  | 15 minutes the dow's gonna settle down | 3.759 | Jump to 65.04 |  |  | 
              
                
                  | about 200 points but look at this the s | 4.0 | Jump to 67.04 |  |  | 
              
                
                  | p 500 in the last bit of the session | 3.761 | Jump to 68.799 |  |  | 
              
                
                  | about three points nasdaq's going to be | 4.559 | Jump to 72.56 |  |  | 
              
                
                  | up 86 points a little bit more than half | 5.12 | Jump to 74.56 |  |  | 
              
                
                  | s p 500 right now what's the risk | 3.92 | Jump to 96.0 |  |  | 
              
                
                  | from a macro point of view at 4772 | 7.361 | Jump to 148.319 |  |  | 
              
                
                  | jay one of the things that you pointed | 2.72 | Jump to 163.04 |  |  | 
              
                
                  | outperformed the nasdaq by over seven | 4.079 | Jump to 207.44 |  |  | 
              
                
                  | 30 40 50 years that might be a little | 3.76 | Jump to 243.92 |  |  | 
              
                
                  | us understand which is when the 10-year | 6.4 | Jump to 256.16 |  |  | 
              
                
                  | yield is above 2 and you use the word | 4.64 | Jump to 259.6 |  |  | 
              
                
                  | 52 trillion dollars of global pension | 5.36 | Jump to 265.68 | 
                      
                        
                      
                        MONEY
                      
                      
                        52 trillion dollars
                      
                     |  | 
              
                
                  | so two percent on the 10 year-ish and | 6.08 | Jump to 291.36 |  |  | 
              
                
                  | that would imply a 30 or almost 3 | 4.639 | Jump to 294.56 |  |  | 
              
                
                  | what happens is the pension funds first | 3.599 | Jump to 297.44 |  |  | 
              
                
                  | only in 28 bonds when they're 30 years | 4.479 | Jump to 313.28 |  |  | 
              
                
                  | at three and our bogey's six so we | 5.52 | Jump to 315.6 |  |  | 
              
                
                  | four interest rate hikes this year from | 3.76 | Jump to 342.56 |  |  | 
              
                
                  | the fed there could be six or seven what | 3.84 | Jump to 344.0 |  |  | 
              
                
                  | not six or seven are priced in but could | 4.0 | Jump to 351.919 |  |  | 
              
                
                  | rising interest rates with three about | 2.881 | Jump to 367.919 |  |  | 
              
                
                  | three | 2.72 | Jump to 370.0 |  |  | 
              
                
                  | macro fair value of that company is 163 | 5.6 | Jump to 377.12 |  |  | 
              
                
                  | um colin one of the things you point out | 3.599 | Jump to 395.6 |  |  | 
              
                
                  | by one standard deviation you're going | 2.481 | Jump to 427.199 |  |  | 
              
                
                  | the s p four by nine basis points uh if | 6.0 | Jump to 429.68 |  |  | 
              
                
                  | one standard deviation another eight | 3.28 | Jump to 435.68 |  |  | 
              
                
                  | it's going to be about 24 basis point uh | 5.68 | Jump to 448.88 |  |  | 
              
                
                  | fall in the s p with a one standard | 3.921 | Jump to 452.319 |  |  | 
              
                
                  | the in china if chinese five-year | 6.08 | Jump to 458.08 |  |  | 
              
                
                  | fall by 15 basis points | 3.92 | Jump to 466.16 |  |  |