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David Pearl with this with Epic investments. We're thrilled to have him here.

These are people that are legendary in trying to figure out shareholder value,

trying to figure out use of cash. Is there a model at

J.P. Morgan of use of cash? Is there a diamond way of doing use of cash? Are

they like every other big multinational? Well, David, the mic's over here, it's radio.

Yeah, there we go.

So they clearly have a strategy and it includes a very large return of capital. This is the big change over the last few years

because the regulatory environment has gotten a lot more favorable. They're able to

give the capital back which is creating a huge upside in return. I don't think investors have really

keyed in on this. The bank earnings have been up all year and the performance has been very

mediocre so really valuations have come down they've gotten cheaper

They're not getting credit for a whole lot of things that their profitability is increased all year with the tax cut with being more efficient, having higher net interest

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