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The market became especially turbulent this week with fears the Federal Reserve is tightening its exceptionally loose policy. The market dropped fast and hard earlier in the week on the news we may see a wind down of quantitative easing as early as this year. However, I remain confident the Fed is going to keep its policies loose in an effort to keep interest rates at generational lows. The "benefits" of quantitative easing may finally be showing face through the rapid expansion of the real estate market. In April, home prices rose 11%, this marks the 5th consecutive month home prices rose double digits year over year. The demand for real estate has been rising at high rates as investors seek to diversify their assets. Investors have accounted for a huge portion of this housing recovery and it was reported that first time home buyers now account

It seems like all Mr. Market does these days is harass Federal Reserve Chairman Ben Bernanke about when quantitative easing will be curbed. In many ways, central bankers are like physicians — and in some ways Mr. Market is a hypochondriac. Markets rely on central bank expertise to diagnose the economic condition, which is essential to understand as the backdrop against which investment decisions are made. In the same way that it’s better to address a sore tooth quickly rather than let it sit and get a root canal later, investors should make sure that Present Them takes care of Future Them by editing their strategies dynamically with changing economic conditions. Particularly in the second quarter of 2013, investors must remain sensitive to economic conditions. Now more than ever, Mr. Market’s mood fluctuates wildly as improving economic conditions threaten to taper quantitative easing — the unconventional monetary policy that he has become addicted to. The scale and duration of bond purchases, the primary component of the Federal Reserve’s stimulus program, has defined the post-crisis recovery. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Chairman Ben Bernanke’s recent testimony before Congress demonstrated that even nebulous speculation about the future of this program has the ability to send global markets tumbling lower. Japan’s Nikkei fell 7.23 percent the day after the hearing, major European markets fell more than two percent, and in the U.S., Mr. Market’s head was spinning. The current balancing act between the markets and the Fed is one of information equity. The markets want to know exactly what to expect, and when. Chairman of the Joint Economic Committee Representative Kevin Brady (R-TX) asked Bernanke during a hearing this week how much notice the markets will have of the Fed’s decision to taper purchases, when the time comes to tighten policy. In January, the Fed adopted an additional unconventional policy and explicitly set a 2.5 percent inflation threshold and 6.5 percent unemployment target as the minimum criteria for a policy rate move. James Bullard, president of the St. Louis Federal Reserve, articulated why setting forward guidance has been a critical part of U.S. monetary policy-making in the post-crisis era. The great challenge that has faced central bankers over the past few years (as they will be quick to point out) is what to do in a near-zero rate environment. Quantitative easing is one of several unconventional tools on the table, and forward guidance is another. The theory is that extra accommodation “comes from a promise to maintain the near-zero policy rate beyond the point when ordinary policymaker behavior would call for raising the policy rate.” NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Ostensibly, this creates a more predictable market environment, which is holistically better for all economic and market participants. The success of this strategy is obviously dependent on the credibility of the Fed — the markets have to believe that it will do what it promises. However, even if the markets trust the Fed, there’s an inherent catch-22 with this strategy: it is only reasonable for the Fed to keep policy accommodating as long as macroeconomic conditions remain poor. Traditionally, central banks have set forward guidance as a function of value over duration — making a set amount of purchases per period, over a set amount of periods. Adopting this policy creates what Bullard called a pessimistic signal. “In general,” he explained, “any attempt to provide additional policy accommodation today by promising easy policy in the future can be viewed as suggesting the future will be characterized by poor macroeconomic performance. This can b

Foot Locker (NYSE:FL) recently reported its first quarter earnings and discussed the following topics in its earnings conference call. Private-Label Side Matthew McClintock – Barclays: Ken, a lot of good commentary on the apparel piece of the business this quarter and it really seems like team additions been great for you. I was wondering if you could maybe talk more on the private-label part of the apparel business and specifically, when we think about this business longer term to get the business to where you wanted to go, what are some the building blocks that you still need to put in place to achieve your vision for that business? NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Richard A. Johnson – EVP and COO: What we – we believe private label apparel gives us an opportunity to fill voids that are not provided by the brands. We’re going to be primarily a branded apparel retailer, but we are — there are voids that we use private label and continuing to build on them, such as the Cargo Shorts business, very strong business for us, some t-shirts. We also have the ability to develop brands such as what we’ve done with Sneaker Freak in Europe and Actra with women’s business. So, what we continue to do is evolve that business from a very promotional business that it used to be and use it to fill voids where we believe there are significant opportunities. And that may involve brands or it may involve just using the private label as we do in shorts and fleece. Matthew McClintock – Barclays: Thank you and if I can actually get one more question in just real fast. One of those points, the e-commerce opportunity seems pretty large in Europe. And I was just wondering if you could maybe think — discuss a little bit more how you view their business in Europe is positioning and the potential to take that banner — that e-commerce banner to the rest of Europe? Richard A. Johnson – EVP and COO: We believe Runners Point Tredex operation first of all is best-to-class. It obviously is the significant part of their business. They have significant capabilities that will allow us to further develop our new.com capability. We just started rolling out in most of the countries in Europe within the past year. They’ve been in place for several years. They also have a very good understanding, for example, of payment terms in Europe and Germany. There are six different ways that you can pay in Germany. We don’t even have the capability for all of those within our current (Foot Locker.Germany) operation. This will give us that capability to better serve the customer to have better processing capabilities and expand to the other parts of our operations. So, you are correct in picking up that Tredex is one of the important parts of the acquisition and one that we are very excited about using not only in Europe, but some of the ideas and things they do and bring that back to the states to further strengthen our good dot com position here. Comps Analysis Paul Trussell – Deutsche Bank: Wanted to start-off in SG&A, Ken or Lauren, could you just speak to the flexibility that you have in the scenario where comps for the balance of the year do fall short of your mid-single-digit view. If comps are only up, for example, low-single-digit do you have enough flexibility or would you be able to maybe moderate your plans for investments or remodels that you could still leverage or how should we think about that? Kenneth C. Hicks – Chairman, President and CEO: We have said all along, Paul, that we can leverage low-single-digit comps. We do have flexibility as we see the trends to make adjustments and there are number of different things that we can adjust ranging from store labor to what we’re doing in terms of receipts and resulting markdowns to marketing. So, we have flexibility. One of the issues w

Sears Holdings Corporation (NASDAQ:SHLD) recently reported its first quarter earnings and discussed the following topics in its earnings conference call. Mobile Investments Spencer – Bank of America Merrill Lynch: This is actually Spencer in for Bill. I was wondering if you guys could talk a little bit about the mobile investments you’ve made and what exactly those entail, and then whether you think that there is substantial need or desire for investments in the future? NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Edward S. Lampert – Chairman and CEO: Yeah, I mean, I think what we’ve tried to do is a combination of bringing new talent into the Company, engineering talent, that has the ability to work directly on building applications that we are using. In the past, a lot of the technology development would have been outsourced, or would have simply been purchased based upon industry solutions. The time involved, the explanation involved in attracting these talents to our Company has been expensive and the investments that we’ve made include the SHOP YOUR WAY app, the Sears mobile app, the Kmart mobile app and desire to bring that predominantly in-house really relates to the new development cycles around that type of technology as opposed to multi-year projects. A lot of releases are made on a fairly continuous basis. So, we believe that mobile is essential to get right. We believe that we will leverage industry solutions, but we want to make sure that we have the talent and the focus around developing our own applications including patenting applications that we can use with our members. Spencer – Bank of America Merrill Lynch: Then can you remind us what percent of sales are online, and is it very different either in Kmart or Sears? Edward S. Lampert – Chairman and CEO: Well, we don’t really break those out directly, but directionally they’ve been growing and the Sears online business is a much larger business than the Kmart online business. Spencer – Bank of America Merrill Lynch: Then one more. Can you remind us or tell us how many stores you guys closed in the quarter, and then how many you guys are thinking about closing this year? Robert A. Schriesheim – EVP and CFO: Just to clarify, you are talking about last year’s quarter, about 100 stores. Spencer – Bank of America Merrill Lynch: Then you guys plan on closing any stores this year? Robert A. Schriesheim – EVP and CFO: We don’t have a specific plan as ordinary course as we continue to review our geographic physical footprint, particularly in line with our migration to a more member centric driver organization. We’re continually reviewing the physical footprint and we made decisions as the business proceeds, so nothing specific at this point. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Store Closings Paul Swinand – Morningstar Investment: Just wanted to Clarify on the last question with store closings. It’s a 100, year-over-year quarter comparable quarter store closings with main line stores? Edward S. Lampert – Chairman and CEO: No, I think what Rob was referring to really was 2012. In terms of Q1, 2013, it’s substantially less than that. So, I think, we can get you the numbers off line, but I think Rob was referring mostly to the stores that were closed in 2012. Paul Swinand – Morningstar Investment: So that’s the total for the year? Edward S. Lampert – Chairman and CEO: Correct. Paul Swinand – Morningstar Investment: Then, I’m just trying to – you made some comments about the inventory and I’m trying to break out how much of that is due to store closing and how much is, is it focused in any other one area or is it pretty much shared equally across th

Gap (NYSE:GPS) recently reported its first quarter earnings and discussed the following topics in its earnings conference call. Seamless Inventory Initiative John Morris – BMO: Congratulations, everybody on a great start to the year. I guess and maybe Glenn you talked, really effectively you and your team, when we had the Investor Day about the seamless inventory initiative, which you touched on this morning in your prepared remarks. It sounds like its rolling foreword maybe a little bit faster and into place than some of us might expect, which is great. Wondering, if you can talk a little bit more about the performance contribution potential you might see coming from that? I know it’s hard to predict, but maybe it’s helpful to think about it relative to some of the global competitors who have some of those initiatives already in place that you would probably know about? NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Glenn K. Murphy – Chairman and CEO: John I’d say there was really two parts that we talked about in April. So, I will just from a terminology perspective, the seamless inventory and the idea behind that – that’s going to take a little bit longer. That’s more of a midterm opportunity for the Company. The idea behind seamless inventory is right now as a Company and this is true of almost every single apparel company with likely the exception of Inditex. That we have inventory, that is either in a country and then what is inside of a country like Japan than its inside of a distribution center that’s online, inside of a distribution center that could be for stores and that’s inside of our 150 stores in Japan. So the idea behind this is how do we – and with the systems we are putting in place now and some changes in process, how do we make sure that our inventory becomes seamless when it leaves a factory for the vendor that a 100,000 unit PO that was agreed to weeks before that, just before it leaves and goes to the most appropriate country where it makes the most sense. Where we can maximize our sales and maximize our gross margin dollars because its matching supply with demand and then when it gets inside of the country, again how do we make it seamless between – and that’s assuming it’s at a single distribution center and that would make a big difference for us. Then when I guess inside of that distribution center how do we make sure it’s seamless between the online channel and the stores. So that’s a project that we have already done some work on. We are building the phase and I think that’s going to be more of a 2014 and beyond opportunity. The other part that could be, I guess be viewed as seamless inventory is what we are calling a more responsive supply chain. That is really, us as a business. This is something that in hindsight I probably should’ve pushed a little more aggressively inside the Company but we have told people in the past that our supply chain needs – in order to become more responsive it needs to be built on having much work fabric platformed inside of all of our mill relationships. Once you have fabric platform, then you could be a lot quicker on basic inventory, seasonal basic inventory to get a read and respond, and we’ve done some of this and there’s some of that going on the Company today, but I guess, if I was to characterize it, if we consider to be world class we are probably in the second inning – from a standing start we’re probably in the second inning right now of actually getting to a more responsive supply chain. Some of that will happen in 2013, a little bit, but again, most of the benefit from changing how we operate – changing the brand’s operating model to be much more in a responsive supply chain will happen in 2014. John Morris – BMO: Glenn, are those potentially contributive in

Salesforce.com (NYSE:CRM) recently reported its first quarter earnings and discussed the following topics in its earnings conference call. Marketing Cloud Outlook Brent Thill – UBS: Marc, I was curious, if you could just give us your view on the next steps for the Marketing Cloud? And if you could also address with Social.com as you mentioned, your pricing is now based on the percent of ad spend, a little different than your past pricing model, can you talk about – should we expect more changes going forward in some of the pricing methodologies that you unveiling some of the new products going forward? NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Marc Benioff – Chairman and CEO: It’s an area where I spent a lot of my time. Let me tell you how I look at this strategically. Number one, Salesforce is now the number one CRM company in the world. I mentioned that in the script and that has been an incredible accomplishment for the Company. For us to continue to be number one in CRM in the world, it means that we have to be number one in three main areas. One, we have to be number one is sales, which we are. And if you have seen the new Gartner Magic Quadrant in sales, it’s clear that we’re number one. It’s not any clear than if you get the new Magic Quadrant for customer service and on support, and customer engagement which just came out about a week or two ago now, it’s credible market and customer support we’re number one in service. That has been an incredible journey. It’s been a fight. It’s been a tremendous accomplishment and especially gratifying when we saw SAP got pushed into the Challenger quadrant as we assumed this strong position in the Leader quadrant, and that’s very important to us. So, number one in sales, number one in service and that’s true in revenue, that’s true in market share. That’s true in feature functionality. Now, marketing is an area that we’ve recently entered into, as you know, and it’s not really an area that we’ve gone into organically and through our own development, but we’ve acquired our way into marketing first by purchasing Radian6 and then by buying Buddy Media. Buddy Media had purchased just before we bought them Brighter Option which we then have rebuilt and now re-launched as Social.com. And by no means are we number one in revenue in marketing. This is the year where marketing revenue will enter into the nine digits for the first time, but it’s not a $1 billion cloud yet. It’s a $100 million plus cloud. And our goal is to be number one marketing. But we realize that to be number one in marketing we’re going to have to achieve more than $1 billion in revenue in that cloud and be not just number one in listening, not just number one in publishing, not just number one in social advertising, but in a number of other key areas as well. And strategically, I believe that this is very important to the Company and so I’ve spending a lot of my time looking at this and you’re going to see us experiment and try things and innovate in, as you saw in acquisition, which you’ve seen us do in the last two years, in pricing like you’ve seen with Social.com., in features and functionality, in position and in messaging like you’ve seen us evolve into the customer company messaging. And what that has meant to our customers is that they are looking to us more and more and I invite you to the customer company tour presentations so you can meet these customers and validate this that they look to us to help them understand how to connect with their customers in this kind of incredible new way. And our goal is to be that trusted advisor. And to do that it means that we’re going to have to deliver world-class marketing functionality. We’re focused on that. We’re e

Abercrombie & Fitch Company Class A (NYSE:ANF) recently reported its first quarter earnings and discussed the following topics in its earnings conference call. Clearance Inventory Jay Sole – Morgan Stanley: This is Jay Sole on for Kimberly. Just a question, first of all, just trying to understand the connection between the lower inventory, the comp at Hollister, and the gross margin. It sounds like – was it really a factor, you mean to say lower fall clearance inventory or fall carryover, does that mean lower clearance inventory and really you need that clearance inventory to drive the comp at Hollister which is why the comp at Hollister was low and that’s why gross margin was high? Is that an accurate statement? NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Jonathan E. Ramsden – EVP and CFO: (Truly yeah.) Michael S. Jeffries – Chairman and CEO: Yes, that’s right on. Jay Sole – Morgan Stanley: So, now does that imply for 2Q when you’re talking about the guidance of $0.28 to $0.33, are you saying you’ll have more clearance inventory at Hollister and so we should expect the comp to be better and gross margin to be lower versus 1Q? Jonathan E. Ramsden – EVP and CFO: Well, Jay, it’s probably a function of what we were lapping in Q1, because if you recall, at the end of 2011 we had a very significant fall carryover that we then turned through in Q1 of ’12, so when we were lapping that this year we had a much less of that fall carryover inventory. Going into Q2, the situation is a little more normalized although we did have some excess inventory of the equivalent point last year. But we think that’s a much less significant effect in Q2 than it was in Q1. Comps Analysis Betty Chen – Wedbush Securities: I was wondering Michael or maybe Jonathan you could give us a little bit more clarity regarding the top line assumption. It sounds like in the first quarter April was the strongest and you clearly saw sequential improvement. I would imagine with weather getting better in May that has continued. So, I was curious whatever the thinking behind comps being slightly down Q2 through Q4, is that really related to inventory or Europe or any color you can give us will be really helpful. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Jonathan E. Ramsden – EVP and CFO: I think going back to Mike’s comments in the script, we referenced that 10 percentage points of the negative 15% comp was attributable to inventory. Coming into the quarter we projected, as you recall, so down high-single-digit comps which was primarily driven by that lower pool inventory. And then as we went through the quarter, the spring inventory issues added to that. So, believe, as we said, that those inventory headwinds are substantially behind us. So, that element of the comp goes away. And then we’re certainly seeing our DTC business pick up again nicely. So, that’s a big factor. And then as we look to the second quarter that was a more favorable compare than the first quarter as well. Read the original article from Wall St. Cheat Sheet

Pictured: JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon made $18.7 million last year The economy is on better footing and chief executive officer compensation is going up once again. The average CEO of a large, public company made $9.7 million last year, the Associated Press reports. This is an increase of 6.5 percent over last year, far higher than the 1.6 percent average pay increase last year for all U.S. workers. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Chief executive officers make 300 times what the average worker does. Research firm Equilar calculated the highest paid chief executives and found that for 2012 the highest paid was Leslie Moonves of CBS (NYSE:CBS). Moonves made $60.3 million in 2012, the Associated Press reports, basing that on Equilar’s research. Despite making so much more than the average employee, some CEOs — like BlackRock Inc.’s  (NYSE:BLK) Laurence Fink — are not satisfied. Fink is a member of “Fix the Debt” — a lobby group that is for lowering benefits like Social Security and Medicare. BlackRock saved $42 million in taxes over the past three years because executive “performance” compensation is tax-deductible. Fink made $119 million in performance compensation during those three years. CEO pay dropped in 2008 and 2009 because of the recession but has since rebounded. A law sent into effect in 2011 that now forces companies to hold a vote for shareholders on CEO pay. While the vote is nonbinding, it does give the investors a way to voice their concerns. “I’ve never seen an environment where boards take more time trying to get this right,” said Charlie Tharp — chief executive officer of the Center on Executive Compensation — said via the AP. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Pay for CEOs has long been a contentious issue. Do CEOs deserve such large rewards for what is essentially a team effort? Regardless, executive compensation is set to grow at a faster pace than inflation again this year. Think Moonves’s $60 million is alone at the top of the list? Think again. The Wall Street Journal found that Oracle (NASDAQ:ORCL) chief executive officer Larry Ellison made more than $90 million in 2012. Below is a list of eight, top-paid CEOs, their company and their total compensation for 2012. Data: Businessweek Follow Mont on Twitter @mfcessna Don’t Miss: Why Did the U.K. Slap JPMorgan With a Fine?   Read the original article from Wall St. Cheat Sheet

The beloved former head of Procter & Gamble (NYSE:PG) A.G. Lafley will be returning to the company with many hoping that he can recreate the magic. Last November, the CEO Bob McDonald invited the three prior heads of the company to a talk addressing 250 senior managers about the concerns that the largest consumer goods company faces. The speech given by A.G., as he is affectionately called by employees, may have reminded people of the company under his leadership. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Inviting the previous CEOs showed self confidence by McDonald who was facing difficulties at the time. McDonald had worked at the company for 30 years when he took over as CEO in 2009, but he did not seem entirely comfortable. When growth slowed in the company, an activist hedge fun that was run by Bill Ackman lobbied for change. An announcement was made May 23rd that McDonald would retire by the end of June. P&G’s share price rose by one-third after it had dropped to below $60 per share. This made some think that McDonald was going to be fine in the position. McDonald had started focusing on improving the company’s position in rich countries, and the company was making progress. Since stepping down as the CEO in 2009, Lafley has kept busy. He has worked as a partner at the private equity firm Clayton, Dubilier & Rice and served on the board of GE. He also worked with Roger Martin to write a book called “Playing to Win.” NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! There is no predicting whether Lafley will be able to reproduce his prior success though as other returning CEOs have had mixed results. Steve Jobs did better when he returned to Apple, but there are many other executives that have done much worse their second time around. Lafley will have to show that he still is able to prove it in the workplace. Don’t Miss: Can Lafley Succeed Where McDonald Failed At P&G? Read the original article from Wall St. Cheat Sheet

Nordson Corporation (NASDAQ:NDSN) recently reported its second quarter earnings and discussed the following topics in its earnings conference call. Core Business Softness Kevin Maczka – BB&T Capital Markets: Mike, I guess, first question – and I appreciate the color you just gave on the 2012 acquisitions, but if you go back to the two big ones, EDI and Xaloy, I thought originally, we were thinking in terms of fiscal ’13 that we’d see maybe $0.25 or even $0.30 of accretion from those deals and it looks like earnings are pretty flat, as you look at the first three quarters of the year. So, can you just comment a little bit more about, relative to your own internal expectations, how they’re doing or is it just some softness elsewhere against very difficult comps that’s in the core business, that’s kind of driving these flatter earnings? NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Michael F. Hilton – President and CEO: Yeah, I’d say in the short-term, most of what we’re seeing is really some softness in the core business, combined with conscious decisions to step up spending in certain areas. So, I’d say most of what you’re seeing here in the short-term is a little bit of softness in the core business. I’d say, as it relates to the acquisitions, we made some comments, the last quarter we were a bit behind in terms of a couple of specific end markets and I’d say we’re still a little bit behind where we’d like to be, probably a couple of quarters behind where we’d like to be in particular, specific end markets. We are encouraged by new applications, particularly in the dies business that we’re getting some traction on, but we’re probably a couple of quarters behind. In the long run, consumption is still strong even in this little softer short-term environment we’re looking at 6%, 7% plastics growth. So, in the long run when supply and demand are balanced out, we feel pretty good about where those businesses are going and we’re working on new product development opportunities to continue to drive growth beyond that. So, we’re encouraged. I’d say in the short-term though it’s more of the softer macro affecting our core business. Kevin Maczka – BB&T Capital Markets: Then maybe one for Greg, you mentioned the strong sequential incremental margins in the quarter and again what you’re expecting next quarter. When we get out into Q4 and beyond and we’ve anniversaried these big deals and you’ve got some planned higher spending in Tech. I’m just wondering if you can kind of frame what we ought to be thinking about in terms of incrementals on a year-over-year basis, once things normalize here, and we’ve anniversaried the deals. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Gregory A. Thaxton – SVP and CFO: Yes. I think to a large extent Kevin some of that depends on what kind of growth we expect to see in those out periods. If you exclude the acquisitions as we have shown historically, if we are driving that top line growth more at a higher rate than what you might expect the inflationary impact on your spending to be, those incremental margins are very strong. The same will be true in these acquired properties as well, if we are looking at sequential growth over what they are delivering, although the leverage is not as strong, there is still – on a full year basis pretty strong performing businesses. So, same concept there for generating incremental revenue, that is going to translate into pretty strong incremental margins. Again some of that – the response is a bit of – it depends what – to a certain extent what that macroeconomic view or outlook is going to be in that out quarter… Kevin Maczka &#