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SO WE'LL KEEP OUR EYES THERE AS WHAT WOULD BE THE WORST YEAR SINCE 1945 JOE, THE WORST SINCE '08 THE GOOD NEWS IS THAT THE MARKET TENDS TO NOT HAVE ANOTHER DOWN YEAR AFTER AN ALREADY DISMAL YEAR, FOR WHATEVER THAT IS WORTH. >> I THINK THE BEST NEWS IS IT WON'T BE 2022 ANYMORE BECAUSE WE JUST WANT TO SAY GOOD-BYE TO IT COMPLETELY I THINK THE BEGINNING OF THE YEAR IS WHERE THE HIGHEST PROBABILITY EXISTS TO BE A HIGH RECOVERY RALLY I WOULD BE SURPRISED IF IN THE FIRST TWO WEEKS OF JANUARY YOU DID NOT SEE A RETURN OF CAPITAL INTO THE EQUITY MARKET, INTO THE FIXED INCOME MARKET. I THINK GENERALLY RIGHT NOW IS THE EXPECTATION THE CPI PRINT ON JANUARY 12th IS GOING TO BE A BENIGN ONE I THINK THE SETUP IS A FAVORABLE ONE HEADING INTO EARNINGS. >> OUT WITH A NEW NOTE TODAY NOT NECESSARILY LOOKING FOR A HUGE THING IN THE STOCK MARKET TO START THE YEAR BUT A FAVORABLE CPI. INFLATION MAY BE FALLING FASTER THAN WIDELY EXPECTED AS PART OF HIS NOTE TODAY THE PROBLEM IS BASED ON OUR CNBC STOCK SURVEY RESULTS, PEOPLE AREN'T LOOKING FOR MUCH NEXT YEAR I MEAN A THIRD SAY WE'RE GOING TO HAVE BELOW AVERAGE RETURNS FOR NEXT YEAR. YOU'VE GOT 20% OF THOSE WE ASK SAY 1 TO 5% AND 1 TO 5% WHO SAY NEGATIVE >> WHEN YOU SAY THE PROBLEM IS PEOPLE AREN'T LOOKING FOR MUCH NEXT YEAR I ACTUALLY DON'T SEE IT AS A PROBLEM. I THINK IT'S TERRIFIC BECAUSE I THINK ONE OF THE MOST IMPORTANT THINGS HAPPENING THIS YEAR IS THAT EXPECTATIONS ARE BEING RESET TO REASONABLE. AND IF WE HAVE REASONABLE EXPECTATIONS AND BEHAVE RATIONALLY, WE CAN ACTUALLY SET OURSELVES FROM A DECENT INVESTMENT ENVIRONMENT FOR THE NEXT TEN YEARS AND EVERYONE IS SO MISERABLE ABOUT THIS YEAR LIKE OH, IT'S THE WORST, IT'S AWFUL. I'M DOWN 20% ANNUALALIZED RETURN ON THE MARKET OVER THE PAST THREE YEARS IS RIGHT WHERE IT SHOULD BE. IT'S ABOUT 7%. OVER THE PAST FBI YEARS IT'S ABOUT 9% I THINK WE COLLECTIVELY AS INVESTORS HAVE RATIONAL EXPECTATIONS AND BEHAVE RATIONALLY WE'LL MAKE THE RETURNS THAT WILL GET US TO FUNCTIONAL PLACES IN OUR RETIREMENT WHEN THE EXPECTATIONS ARE NOT MUCH, WHAT IS THAT 6, 7, 8% AFTER A YEAR LIKE THIS, TO ME THAT'S JUST FINE >> THE QUESTION IS, JASON, DO WE HAVE THE CAPABILITY OF EVEN DOING THAT GIVEN ALL THAT WE KNOW OR WE THINK LIES AHEAD? >> YEAH, I THINK IT'S AN IMPORTANT QUESTION TO ASK. AND I THINK SHE MAKES A GREAT POINT IN WHAT THE LAST THREE YEARS HAVE BEEN. WHEN I LOOK TO TURNING THE CALENDER THE FIRST THING THAT COMES TO MIND IS OBVIOUSLY THE FED AND THESE ARE HISTORIC NUMBERS. WE MIGHT SEE ANOTHER 50 TO 75. AND AS WE'VE BEEN TALKING ABOUT ALL YEAR AND THE FED IN THEIR COMMENTARY THEY'LL LIKELY HOLD AND WHAT ARE THE...