RUSH TRANSCRIPT Sell at ░░░░░░░░ times earnings over a ░░░░░░░░ period of time So ░░░░░░░░ to me smacks of ░░░░░░░░ exactly what David tepper ░░░░░░░░ me from qe to ░░░░░░░░ different environment different multiple ░░░░░░░░ greatest wild card is ░░░░░░░░ s the right multiple ░░░░░░░░ one knows Druckenmiller s ░░░░░░░░ is that multiple 20 ░░░░░░░░ or near then is ░░░░░░░░ too high in this ░░░░░░░░ post qe rising deficit ░░░░░░░░ economic world Make sense ░░░░░░░░ sense because you re ░░░░░░░░ pressure on corporate earnings ░░░░░░░░ rates putting pressure on ░░░░░░░░ both in mortgages student ░░░░░░░░ auto But I think ░░░░░░░░ s a framework to ░░░░░░░░ at Take a client ░░░░░░░░ is wealthy and wants ░░░░░░░░ stay wealthy and you ░░░░░░░░ a targeted rate of ░░░░░░░░ there So let s ░░░░░░░░ they want to double ░░░░░░░░ money in 10 years ░░░░░░░░ need a 7 tax ░░░░░░░░ rate of return Last ░░░░░░░░ we were generating 5 ░░░░░░░░ lockout munis I have ░░░░░░░░ on rates of return ░░░░░░░░ much risk for a ░░░░░░░░ that wants to double ░░░░░░░░ money in 10 years ░░░░░░░░ the equity market Expectations ░░░░░░░░ 246 in earnings in ░░░░░░░░ S&P next year.