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Netflix and amazon. if they fall more, i'll probably buy more. i'm a long-term holder. >> when you say spx -- >> no, no. spx. >> the s&p 500. >> neil: so that's representative of the 500 best companies in the united states. as a reflection of that, you want to buy that entire average? >> yeah. so i didn't make a big position. but it's there. look, the market could go down a lot more. i don't know. over the long haul, i think we'll be okay. >> neil: let me ask about okay, a lot of people look at today and say, we have a more affordable market, but is it historically an affordable market? other ...

>> neil: are you calling this a bear market? is this the start of a bear market? >> no. what i'm saying, it's difficult to lock at the data and say everything is great. so what i'm saying is attitudes and behavior have a lot to do with this. behavior and attitudes have been strong, positive, a lot of optimism and pick up in investment growth which takes confidence. we're seeing a pickup in expected growth in the global economy. the list in equity values, the closure of the spread between corporate volumeses takes confidence. >> neil: i want to be clear -- stephen, i'm pick up with you. you don...

As beneficial as the tax cuts have been for the short term, the risk that people will spend that money which in a lot of respect is good but that will increase the trade deficit. who knows how the administration will respond to a bigger trade deficit. could -- >> neil: or might increase the gdp. >> i'm not saying it won't. depends on how the money is spent. the key is we don't nope what will happen. >> neil: and the mood of investors has been the bull market and they kept buying, been rewarded richly for buying on these tips. i don't see a lot of people diving in. you could mark an argument wh...

I remember in the middle of the session and leaving the session and going to the nearest bar. we went on a decade long run after that. it was tough to go through it. this is what you have to do. you have to explain to folks, the late comers, there's a lot of people that missed a lot of this rally, just got in, feel like they're snake bit and they lost again and they were sellers. you had a lot:0 programs selling. you joked about the times lapse thing. at one point it was real time. >> neil: i'm telling you. that's another little foot note here. you know, we have these circuit breakers where th...

Sures but overtime they do better? >> i love that idea. if you can take it a step further, buy according to the fundamentals. we're halfway through earnings season. 50% of companies have recorded. guess what? if you have a company that two weeks ago stock went up 10%, that news is still valid. if it's pulled back with this wide pull back, you have a gift. so people can do work, they're going to find a lot of great names that we know they're great because a week or two ago we saw what happened when they told the world, not only are we doing great but gave us guidance for the rest of the year. t...