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That we've seen since the electi election, which has been unbelievable? >> if earnings weren't so good, i think that equities would have corrected. we have not seen a correction. the trump trade priced out of the treasury market and the trump trade priced out of the dollar and the effects markets. but i don't think there's the trump trade anymore in equities. if we get a tax, if it's term or permanent, equities go higher. >> lauren: how high do they go? >> my analysis says corporate tax rates from 39.6, which is the all-in takes rate that we're at, x is uncompetitive at a global level, ireland...

It's pretty remarkable because at this meeting they were not to bring cell phones. and the dow at this time was still at 11,400. >> let's go back to your publicly traded company. i'm on the board. it is widely speculated that the publicly traded company is going to have a big problem. >> uh-huh. >> and i, spencer, am saying, yes, listen, everybody knew america had a problem. back when i was on the board and knew it, doesn't matter. why doesn't that hold water? >> because the laws are very clear. this happened, by the way to enron executives. everybody knew enron was going down. yeah, but the e...