| got earlier today 6.9 percent year over | 4.799 | Jump to 16.48 |  |  | 
              
                
                  | year in the fourth quarter what do you | 4.08 | Jump to 19.279 |  |  | 
              
                
                  | so first of all looking at the gdp | 4.16 | Jump to 42.399 |  |  | 
              
                
                  | numbers for the fourth quarter you can | 4.081 | Jump to 44.399 |  |  | 
              
                
                  | inventory build and i guess on the one | 4.0 | Jump to 48.48 |  |  | 
              
                
                  | but that's going to be a one-time item | 4.88 | Jump to 60.8 |  |  | 
              
                
                  | and as we look at the first quarter | 4.16 | Jump to 63.12 |  |  | 
              
                
                  | see that first quarter is already going | 3.441 | Jump to 76.479 |  |  | 
              
                
                  | fourth quarter g gdp is backward looking | 4.32 | Jump to 82.0 |  |  | 
              
                
                  | and looking at the first quarter it | 3.199 | Jump to 84.96 |  |  | 
              
                
                  | priced in five hikes uh this year up | 4.56 | Jump to 128.399 |  |  | 
              
                
                  | from only pricing in four yesterday so i | 3.761 | Jump to 131.039 |  |  | 
              
                
                  | going to slow this year in the first | 4.56 | Jump to 166.959 |  |  | 
              
                
                  | seen these slowdowns in the first | 4.32 | Jump to 201.36 |  |  | 
              
                
                  | have surprised 70 or so of the 25 | 5.12 | Jump to 260.88 |  |  | 
              
                
                  | five quarters and as you look at forward | 4.399 | Jump to 268.8 |  |  | 
              
                
                  | very expensive and one could argue | 4.32 | Jump to 355.28 |  |  | 
              
                
                  | right it's over 25 of the s p | 5.6 | Jump to 366.4 |  |  | 
              
                
                  | that expensive and i would point first | 3.68 | Jump to 380.0 |  |  | 
              
                
                  | of all the semiconductors as one area | 3.92 | Jump to 381.6 |  |  | 
              
                
                  | as we're looking outside of tech one of | 3.12 | Jump to 401.199 |  |  | 
              
                
                  | down this year so one example um is | 4.401 | Jump to 409.599 |  |  | 
              
                
                  | stocks down 15 percent this year and | 4.96 | Jump to 414.0 |  |  | 
              
                
                  | like a pretty interesting one and | 3.2 | Jump to 425.68 |  |  | 
              
                
                  | another one we're looking at is is | 3.119 | Jump to 427.36 |  |  | 
              
                
                  | you can get the stock for 12 times | 3.52 | Jump to 434.16 |  |  |