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So by the way right after the -- election we have the Fed decision let's bring in David trainer actually do constructs to talk about all this first of all on Europe David.
You think the market has fully discounted what is happening in Europe or have they yet have they got a factories -- more negativity.
I don't think we're we're quite there I think that what we see is we're we're treating an injury with painkiller and it's not healing any thing in over time.
We're gonna have to come to terms with a much lower general economic outlook and we're just that -- at the beginning of that.
About two David says it's just from my dance has -- -- -- for the moment at the -- me because I'm per satellites like I didn't these commitments I misspoke excuse me.
And then the new lows were saying on the Spanish killed given -- -- blaster wanted to crack myself but at the same time.
You mentioned Greece also the French elections are coming up -- while it carries a -- got some kind of some movement with on the Merkel in Germany -- it's a little disconcerting to think the politics.
In Europe -- really gonna take over more so than what we're saying with regards to the bail out over the weekend and Spain.
Well that is a big question on the -- political landed at all what we're seeing right now is terms of the Spanish it was a -- -- -- -- -- But the political lenders really uncertain right now it and he said in -- -- of the Greek problems.
We have Spain and you know the socialist leaning and there are so we'll have to see how that works out.
What they really need to do -- after these elections assuming Greece gets into it they've got to make a concerted effort to present a unified front.
That has tangible meaning not in right now everything so we're gonna do this we're gonna do bad but there's nothing cohesive right now -- -- needs to be done in severely staff.
-- -- that I -- wondering -- what happened with regard to Spain and and the markets dissatisfaction with their so called solution.
Might happen the next time the Fed meets that as we have the Fed decision.
-- some people say you know they have tried everything in the war they do right now the war suspicion.
The market would have to what they do -- in in that counterbalance what's happened in the past when they would the market wanted them to do something.
David I think that's a great point I mean at some point the -- pushing with a -- mean.
We want to avoid another Lehman event but at the end of the day we can't we can't create growth -- where there isn't any.
Mean the natural economic decisions that must make people -- -- go out and buy and spend in investing grow.
That doesn't you know low rates can only can only help without for so long and I think you're right the feds out of ammunition Europe's out of an -- ammunition.
I'm I'm very confident that the you know that the Euro will probably -- gather in some form -- fashion.
But at the end of the day it doesn't fix the underlying economic problems that -- in the situation.
That's gonna cause the -- the whole world to be slower growth for awhile.
Well David -- have a replay that the -- other specific stocks.
That would have been put it into our portfolios right now is the kind of weather the next three to four months and all the -- were brought about the city.
Think there are I think there are a lot of great bargains out there right now but they're also a lot of huge potential.
Block -- as well I think you know it's the first quarter was such a great you know great sort of propaganda opportunity for people to say -- everything's fine.
And then them in the -- going to be great we're all back and back into the run again.
Let's just not the case so we gonna have to find really cheap stocks have good economics and you have to avoid those companies who've been monkey where they're counting to make things look a little better than they -- All right but while like for example you like conical zealots the oil play.
SanDisk is well -- -- Based on what's happening today -- got your little less confident in oil as we saw oil gone down again.
Yet not -- you know I think look.
Oil's been at an elevated price for a long time and we'd have to see significant.
Super dupers large drop to really -- -- -- -- business is -- you know a company like cut and ConocoPhillips is a great example overlooked value.
The current stock price implies the profits are gonna decline permanently.
-- something like close to 70%.
-- I think your your risk reward there's good in.
With SanDisk it's close to 50% permanent decline in profits which is -- I'm saying is implied by the stock price so.
Investors are able to buy those stocks with a very low risk and a lot of upside potential.
All right forget the earnings just read the financials right David answer -- and it.
That's right you can't trust what companies put in the report earnings -- Delta Airlines is a great example.
You look at their earnings last year that -- I think the best year they've had.
Since bankruptcy but what you don't see there's close to 36 billion dollars and off balance sheet unfunded liabilities.
Right in if you looked at their first quarter net cash flow.
It take them five years looks like fifteen years and they paid everything -- net -- Prodi to pay down those liabilities.
They just then breakeven and equity always -- had a chance to see some money.
David -- -- -- that good to see you David Danny we're gonna see in a couple of minutes for the S&P futures closed appreciate it guy.