The Economic Recession and the Value of Mega Cap Companies

Europe is in a statistical recession right now. Yet if you look at the returns from Italy, Germany, Spain, and France, they all rival NASDAQ-type returns. So I think it's interesting when you ask the question, which earnings going up doesn't matter? Does it matter if it's broadening out? It's so interesting because what we saw over the weekend from the banks was all these banks raising their dividends. That means that their earnings are doing well through, might be revised up. The market's already incorporated recession. You know, like I was joking a year ago, if my mom's asking me about recession, it's got to be pretty priced in.