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It is a wonderful day to catch up with Brian. You should really be in the stock market,

Belsky, because as everybody was slicing, slitting their wrists, the world's going to end X number of months ago, you were going,

uh, maybe not. Take us back to your conviction of three or six months ago that these corporations would continue to generate free cash flow.

What was the belief then?

Well, good morning, Tom.

I think at the third week of January you had such binary negativity

with respect to contagion, contagion, and people were making these claims with

absolutely no analytical substance and what we've seen is that the markets have come back and I think

as of late now we have the situation on a very near-term basis where you have things like utilities and telecom and REITs hitting new

highs while the stock market in America at least is hitting new highs and something's got

to give there Tom. So I think at the end of the day we may see a little bit of a reprieve as we see rotation

but you know again if you take a look at a three to five year period or even shorter term

12 to 18 months

...