It's a 'use it or lose it' year for cash. Companies are saying, 'listen, we've got to do something. We've got to buy something or invest it.

The market is going to do better as the economy slows some and the Fed's done. What's perverse is that the market would have done better this year if the economy were a little bit weaker, because you would have gotten the Fed out of the way earlier.

My impression is that the market is correctly anticipating that the Fed is close to being finished with its tightening campaign. The Fed may have one or two [rate hikes] left, but the punch line for investors is that the Fed is done.

The Fed is probably not going to stop easing.

I came away saying its a toss-up between Central and Salem. Central says we're going to show you what we're going to do and dares you to stop them. If you don't read your keys right against Salem, you're in for a long night against them.

I'm noticing again and again and again, they're saying this is a good living room record. It's not a good radio record.