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00:00STEPHEN, GLAD TO HAVE YOU WITH US. A LOT OF THE RHETORIC CAME -- I LISTENED TO THAT NEWS CONFERENCE. TRIUMPHANT IN HIS APPROACH. IT IS A BIT EARLY. >> I'M GLAD YOU PICKED UP ON THAT. WE SHOULD SAY, "BRAVO YURIKO -- "BRAVO." THE LAST TIME WE WERE IN THE ABYSS, HIS COMMENTS WERE WE WILL DO WHATEVER IT TAKES. HERE HE IS 2.5 YEARS LATER AND HE HAS MANAGED THE SITUATION. NOW HE HAS PLAYED HIS CARDS. HE HAS COME BACK WITH A CONFIDENT PROJECTION OF GROWTH AND INFLATION. MR. DRUGGIE IS TELLING US -- MR. DRAGHI IS TELLING US THE SOLID IS THE BEST GROWTH. >> WE WERE DOING THE ECB SHOW YESTERDAY. EURO-DOLLAR AT A TENURE LOW. IS THIS A CURRENCY TRADER? >> THAT IS ONE OF THE REASONS WHY THE GERMAN SHOULD BE LEADING THE CHARGE. IN THE SENSE THAT WHAT IS IN THIS MIXTURE OF CHANGES THAT MAY DELIVER A DIFFERENT PICTURE FOR EUROPE? ONE IS IN THE CHANGING CURRENCY. IS IT ALREADY IN THE PRICE? ANYONE THAT IS BUYING EUROPEAN EQUITIES -- AS IF THEY SUDDENLY WOKEN UP TO THE FACT THAT QE IS STARTING NEXT WEEK. I WOULD BE CONCERNED ABOUT THAT. DEFLATION REFORM SYSTEM . THOSE FORCES DO GIVE A SENSE OF RISK OFF. THEY MAY WILL DRIVE THE DOLLAR HIGHER. THE DOLLAR IS THE CHIEF BENEFICIARY OF THIS STRANGE SET OF EVENTS. >> IT IS STRANGE. WILL BUY SOVEREIGNS TO THE TUNE OF -2%. TODAY IS JOBS DAY. WE CAN BE -- WE COULD BE IN FOR 12 STRAIGHT MONTHS. FED GOVERNOR SAYING WAITING FOR THE TARGET MAY MEAN OVERSHOOTING. WHEN DO YOU BELIEVE IT WILL HAPPEN IN TERMS OF RATE HIKE? MORE IMPORTANTLY, -- EX LINE -- >> I AM CONCERNED ABOUT THE U.S.. ALL OF THE OTHER DATA, DOMESTIC WE FOCUSED COMPANIES, FIGURES ARE STILL GOOD. OTHER FIGURES ARE SHOWING A SIGNIFICANT CHANGE IN TONE. SOME PEOPLE ARE SAYING THAT IS BECAUSE OF THE EFFECTS OF SHALE OIL. YOU TAKE AWAY GROWTH IN PLACES LIKE TEXAS AND YOU HAVE GOT A DIFFERENT PICTURE. SOME SAY IT IS THE WEATHER. I THINK IT IS THE BUSINESS CYCLE. >> IS IT FAIR TO SAY THAT IS CONTRARY AND? >> -- IS IT FAIR TO SAY THAT IS CONTRARIAN? >> WHEN MARKETS ARE CERTAIN AND THEY DO NOT QUITE GET IT, THEN YOU CAN GET QUITE A CHANGE IN THE MARKET POSITIONING. THAT IS THE REAL CONCERN. >> LET US TALK ABOUT THE SHIFT. THERE WAS AN ARTICLE YESTERDAY, THE CLOSE ON THE S & P LAST YEAR. $16.8 BILLION CAME FROM TRADER BONDS. NEARLY $17 BILLION -- THE DIVERSIONS HAS NEVER BEEN THIS CLEAR. WOULD YOU ADVOCATE THAT AS A REDUCED EQUITY EXPOSURE? EVEN IF IT IS CONSENSUS THAT IS IT -- THAT IT IS AN OUTLIER? >> THE MARKET IS FOCUSED ON ONE OF TWO STORIES. ONE OF WHICH IS APPLE. THE PROPHET WAS ONLY 2.5%. -- THE PROFIT WAS ONLY 2.5%. >> WHY HAS NO ONE ELSE EXTRAPOLATED THE APPLE NUMBERS? >> IT IS CONVENIENT TO ENJOY THE HIGH. IT IS DIFFICULT TO SAY APPLE IS GOING TO FAILURE TO PERFORM IN 2015. I'M POINTING OUT THE RISKS THAT PEOPLE ARE TAKING. THE IPHONE 6. THE SMARTPHONE GAME -- NEW PRODUCTS EMERGE. SAMSUNG JUST CAME OUT WITH FANCY GLOSS. >> WOULD YOU SELL APPLE? >> YES, I WOULD SELL APPLE. >> IS IT A LONGER TERM TRADE? OR A WHIPLASH? >> PEOPLE WILL CONTINUE TO SELL ALL LOT OF PRODUCTS. A P/E RATIO OF 15, 16

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