Stock Picking

The job's number on friday confounded a lot of the presumptions out there that really good economic data would immediately be, on a reflex basis, bad news for stocks. I think i was basically experienced what i would call a growth o cession. There really hasn't been any growth in the first half of the year, and that might be the case for the secondhalf of the year. The key is inflation. It's less than less important is ther the labor market than is the pricing environment. And so i think we've gone from an environment were passive investing, putting all your money in to kind of a different kind of broad e t f.