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 they're 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 weren't 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, because of valuations. if we were at the level we were in 1999, i would say yes, it's just the printing of money. this is crazy valuation. but jim, look at the price earnings ratio and tell me they are historically out of line with what we have experienced in the past. you can't. they are not. >> you're right. we're not in a bubble. we're certainly not in any kind of bubble stage. technically, stocks could go a lot higher, but what if they