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What else you have to invest in that are the most important determinants. i do not believe that qe is the only reason why people are moving into stocks. i think theyre moving into stocks because the opportunities elsewhere are not attractive. >> but jim, are you suggesting that the japanese and the federal reserve and the europeans and the english werent printing all this money, this would be happening anyway? >> i mean, my feeling is that we would still be in a bull market. yes, i actually do, ...

Have to invest in that are the most important determinants and i do not believe that qe is the only reason why people are moving into stocks. i think theyre moving into stocks because the opportunities elsewhere are not attractive. >> but jim, are you suggesting that the japanese and the federal reserve and the europeans and the english werent printing all this money, this would be happening anyway? >> my feeling is that we would still be in a bull market, yes, i actually do because of valuation...