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-- today's market rally let's bring in pat Dorsey.
Of the senate vote capped teeth and trust company and Spencer Pratt and founder and CIO.
Of steel -- investments generally good to see is Spencer first to you.
FaceBook that was this your -- pretty optimistic about the market being way oversold.
Do you think this was the last shoe to drop before we see big uptick in the marketplace.
I really do I think that we're saying levels of oversold on the market that we saw consistent with the bottoms in 2011.
And 2000 town.
The market has fallen and a straight line and really should have a great balance here FaceBook aside.
-- pat let's get right to some picks because I know you're still big on emerging markets.
Some people say they've seen their day but other people say if you if you pick and choose carefully there's still some great bargains there where you -- it.
But I -- Think it's fairly simple any you know you have emerging markets overall trading -- -- and a half times earnings that compares with thirteen times for the US.
The countries are growing at two to three X three of the US -- sovereign balance sheets are far better than the US.
So the risks are a little bit higher but I think that's very well discounted such a very low valuation.
If you -- -- look at emerging markets which is of course appropriate when a small part your portfolio -- the smaller cap companies that are more tied to the local economies.
Less the big companies like Petrobras and Samsung the dominate the indices DGS is one ETF that on small cap emerging markets.
Wisdom tree small cap -- -- and Spencer let's talk about some of the big boys here your still for apple apple had a big -- today by the way big jump to the upside.
Is it is it too late to get in -- would you still recommend apple.
I would still recommend apple and that's on a long term basis I think that apple really got pushed aside as people sold shares of apple in order to buy and FaceBook and now people realize that the grass really was -- greener on the other side and so we're seeing people pile right -- -- apple it would not surprise -- at all -- the -- go back about 600 dollars -- before -- report -- next earnings and finally tad -- we all get too pollyannish around here -- we have those tax increases coming up January 1 that's a concern of -- right.
It's an issue means that united -- it's been labeled the fiscal cliff with the sequestration.
And the associated tax increases.
And I would think even beyond relatively low levels by Q that are in our congress right now would figure out that putting that kind of though -- On to a very weak recovery is not the smartest thing to -- Pat and Spencer great to see both of you gentlemen thank you for --