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Fed will have to continue to hike to choke off inflation, says Delphi's Scott Black

Video vocabulary

the

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US / ðə /

UK / ðə /

A1
  • article
  • Used to refer to something already mentioned
  • Used to show there is only one of something
  • determiner
  • Used to describe all of a family

be

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US / bɪ /

UK / bi /

A1
  • verb
  • Being

and

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US / ənd /

UK / ənd, ən,ænd /

A1
  • conjunction
  • Used to refer to two or more things
  • Plus; in addition; on top of that
  • Used to introduce an action that follows another

that

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US / ðæt /

UK / ðæt, ðət /

A1
  • adjecitve
  • The person or thing being talked about
  • Used to identify something both the speakers know
  • adverb
  • Used to reinforce adjectives and adverbs
  • To such a degree
  • conjunction
  • Used to connect a noun clause
  • Used to introduce an adverbial clause
  • Used to introduce a noun clause
  • determiner
  • Used as a noun to refer to something
  • pronoun
  • Referring an object far away
  • Used to refer to the relative pronoun ‘which’

have

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US / həv /

UK / hæv /

A1
  • verb
  • To drink, smoke, eat or use something
  • To experience the effects of something
  • To organize an event, or join in an activity
  • To own, possess, or hold something
  • To cause to happen or produce a particular effect

not

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US / nɒt /

UK / nɑt /

A1
  • adverb
  • Word indicating the negative
  • (Used to form the negative of verbs)

for

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US / fə(r) /

UK / fɔr,fə /

A1
  • preposition
  • Used to show the purpose, or need of something

you

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US / jʊ /

UK / ju /

A1
  • pronoun
  • Person someone is speaking or writing to
  • Person or people in general

this

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US / ðɪs /

UK / ðɪs /

A1
  • adjecitve
  • Used to indicate something already been discussed
  • Used to indicate something happening around now
  • adverb
  • An indication by a physical motion or gesture
  • A specific amount of
  • determiner
  • Person, thing, or idea near you
  • pronoun
  • Person, thing that has already been discussed

with

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US / wɪð /

UK / wɪð, wɪθ /

A1
  • preposition
  • As an employee of a certain company
  • Against something or someone
  • By using something as a means
  • Due to; because of
  • Including
  • Possessing as a feature
  • Related to
  • (Of the manner/attitude by which you do something)
  • Used to express that people or things are together

about

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US / ə'baʊt /

UK / əˈbaʊt /

A1
  • adverb
  • To be ready to; going to
  • Nearly; approximately; roughly
  • Near; next to; close to
  • In every direction; in the area of
  • preposition
  • Concerning or of (a topic)

get

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US / ɡet /

UK / ɡɛt /

A1
  • verb
  • To become affected by illness or disease
  • To begin to feel or understand an emotion or idea
  • To send or bring someone or something home, etc.
  • To go somewhere to obtain something
  • To (cause to) do a particular thing
  • To obtain, receive or be given something
  • To currently have
  • To prepare for use
  • To understand something being said or read

but

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US / bət /

UK / bʌt,bət /

A1
  • conjunction
  • Used before you say something different, opposite

can

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US / kæn /

UK / kən,kæn /

A1
  • noun
  • A metal container for storing food
  • other
  • Able to; have the skill to; have the time to
  • verb
  • To have permission to
  • To be possible to do
  • To preserve food by sealing it in a metal container

they

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US / ðeɪ /

UK / ðe /

A1
  • pronoun
  • Two or more people, animals, or things

what

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US / wɒt /

UK / hwɑt, hwʌt, wɔt, wʌt,hwət, wət /

A1
  • adjecitve
  • Used to refer to a particular amount, or number
  • Used to place emphasis on a particular quality
  • adverb
  • To a certain degree
  • determiner
  • Question words used for asking for information
  • exclamation
  • Used to express excitement, shock, or surprise
  • Used to ask people to repeat something they said
  • pronoun
  • Thing or things that; the same kind as
  • Used to emphasize something you are about to say

all

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US / ɔ:l /

UK / ɔl /

A1
  • adverb
  • Completely; totally
  • determiner
  • Being every one of something
  • pronoun
  • 100% of something; the complete amount

do

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US / du: /

UK / du /

A1
  • other
  • Question words for 'do' verbs
  • verb
  • To act; to perform actions
  • To be enough; to be acceptable
  • To have a certain effect on something or someone

will

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US / wɪl /

UK / wɪl /

A1
  • noun
  • Desire or choice of someone
  • Document saying who gets your money when you die
  • Strong desire to do something; determination
  • Desire to do something; strong wish to do
  • other
  • Used with verbs to express the future
  • verb
  • To leave property to someone after your death
  • To use mental effort to make something happen
  • Am (is, are) likely to do
  • To influence someone to do something
  • To make something happen by strongly wanting it

go

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US / ɡəʊ /

UK / ɡo /

A1
  • noun
  • A turn in a game
  • verb
  • To attend or be at a place
  • To do an activity
  • To function properly
  • To move or travel to another place

one

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US / wʌn /

UK / wʌn /

A1
  • adjecitve
  • Used to refer to people generally
  • Being a strong example of (something mentioned)
  • number
  • Number 1
  • pronoun
  • You; we; people in general; someone
  • The thing or person previously referred to

out

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US / aʊt /

UK / aʊt /

A1
  • adverb
  • No longer stylish (e.g. fashion)
  • Away from home, business, or the usual place
  • In a direction/movement away from inside or center
  • noun
  • Act when a batter cannot continue playing
  • verb
  • To tell people a secret

from

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US / frəm /

UK / frʌm, frɑm,frəm /

A1
  • preposition
  • Starting at a particular place, time or level

see

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US / si: /

UK / si /

A1
  • verb
  • To go on a date with someone
  • To predict whether something is, or will be true
  • To understand what someone says
  • To use your eyes to look at something
  • To visit a place often for sightseeing or pleasure
  • To visit or meet with someone
  • To find out by waiting or looking
  • To watch (a game, movie or TV show)

think

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US / θɪŋk /

UK / θɪŋk /

A1
  • verb
  • To have an idea about something without certainty
  • To have an idea, opinion or belief about something

your

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US / jɔ: /

UK / jʊr, jɔr, jor,jə /

A1
  • determiner
  • Belonging to you; belonging to the other person

time

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US / taɪm /

UK / taɪm /

A1
  • noun
  • Speed at which music is played; tempo
  • Point as shown on a clock, e.g. 3 p.m
  • Number of hours, minutes needed to do something
  • Occasion when something happens
  • Period or occasion that something occurred
  • Period in history or the past
  • Something measured in minutes, hours, days, etc.
  • How long an event takes; duration
  • verb
  • To check speed at which music is performed
  • To choose a specific moment to do something
  • To measure how long an event takes, e.g. a race
  • To schedule something to occur at a specific moment

come

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US / kʌm /

UK / kʌm /

A1
  • verb
  • To arrive at a place
  • (Of mail) to be delivered
  • To move toward someone; go with someone
  • To reach a certain point or state

more

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US / mɔ:(r) /

UK / mɔr, mor /

A1
  • adjecitve
  • In addition; extra
  • Greater in amount, number, or size
  • adverb
  • To a greater degree; in greater quantity
  • For a longer period of time
  • determiner
  • Additional quantity
  • pronoun
  • A greater or additional number

because

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US / bɪ'kɒz /

UK / bɪˈkɔz, -ˈkʌz /

A1
  • conjunction
  • For a reason

take

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US / teɪk /

UK / tek /

A1
  • noun
  • Filming of a single scene for TV or the movies
  • verb
  • To accept something that is offered
  • To use a method of traveling, e.g. a bus or train
  • To use a camera to make (a photo)
  • To pick up something and go away with it
  • To study a subject in school
  • To attempt to pass (an exam)
  • To require a certain amount of time, money, space

good

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US / ɡʊd /

UK / ɡʊd /

A1
  • adjecitve
  • Proper, appropriate or right
  • (Of an amount) enough; plenty
  • Excellent; high quality
  • Acting well or properly; of moral character
  • In a positive or happy emotional state
  • noun
  • Advantage or benefit

say

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US / seɪ /

UK / se /

A1
  • noun
  • Power to decide or greatly influence something
  • verb
  • To indicate or give information using language
  • To use words to tell your message
  • To ask someone to give information to others

thing

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US / θɪŋ /

UK / θɪŋ /

A1
  • noun
  • (Used to introduce the reason for something)
  • Something you cannot remember the name of

then

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US / ðen /

UK / ðɛn /

A1
  • adverb
  • A time that is not now
  • Following another thing in time or arrangement
  • Following on reasonably from what was just stated
  • At that time, not now

back

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US / bæk /

UK / bæk /

A1
  • adjecitve
  • Farthest from the front e.g. in a classroom
  • adverb
  • Have returned to a place you were before
  • noun
  • The part of a chair that the upper body leans upon
  • Location at the rear of something
  • The reverse of side something
  • Area on the rear of your body
  • verb
  • To bet money on something
  • To go backwards in a car
  • To support and encourage someone or some cause

into

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US / 'ɪntə /

UK / ˈɪntu /

A1
  • preposition
  • Moving or going inside something
  • In the same direction as; in the direction of
  • So as to become; taking the state of

well

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US / wel /

UK / wɛl /

A1
  • adjecitve
  • Being in a fortunate, good condition or state
  • Healthy and in good condition
  • adverb
  • In an acceptable, proper, or successful manner
  • In a complete, total, or full manner
  • A great and considerable degree
  • In a successful way, in a good or satisfactory way
  • exclamation
  • Used to begin or continue a particular statement
  • Used to show you want to start saying something
  • Used to express that you are waiting for a reply
  • You say this to change the topic of a conversation
  • Used to indicate you are making a final remark
  • noun
  • Long deep hole in the ground to get water
  • verb
  • To cause your eyes to fill with tears

very

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US / 'verɪ /

UK / ˈvɛri /

A1
  • adjecitve
  • Concerning a large degree or amount
  • adverb
  • A lot; much; many
  • Used to stress or emphasize a noun

other

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US / 'ʌðə(r) /

UK / ˈʌðər /

A1
  • adjecitve
  • A thing different from that mentioned
  • determiner
  • (Something) else; not the first (one)
  • pronoun
  • Being the one and only thing of that category

over

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US / 'əʊvə(r) /

UK / ˈovɚ /

A1
  • adverb
  • Finished; no longer happening
  • Towards the ground/away from a standing position
  • noun
  • A set of six consecutive balls bowled in cricket
  • other
  • Finished
  • preposition
  • Showing the relation when a thing is above another
  • On or covering something
  • Above or across something
  • More than you need
  • From one side to the other
  • In the direction of; toward

even

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US / 'i:vn /

UK / ˈivən /

A1
  • adjecitve
  • Being equal in influence, power, possibility etc.
  • Being divided equally or fairly
  • (Of teams/contest) with similar chances of success
  • Smooth, level, or regular
  • Can be divided by 2; ending in 2, 4, 6, 8, or 0
  • At a regular, equally steady manner
  • Remaining steady and unchanging
  • adverb
  • (When this is surprising) as well; too
  • (Used to compare two things/stress the difference)
  • verb
  • To make something level; to flatten
  • To make something equal

first

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US / fɜ:st /

UK / fɚst /

A1
  • adjecitve
  • 1st; Coming before all others in time or place
  • noun
  • Something that has not happened before
  • Position of the winner of a competition

let

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US / let /

UK / lɛt /

A1
  • verb
  • To allow someone to do something
  • Introducing a suggestion to do something together
  • To rent a house, etc. to others

down

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US / daʊn /

UK / daʊn /

A1
  • adjecitve
  • Being sad, sick, or unhappy
  • Not operating, working, or functioning as expected
  • adverb
  • In a sitting or lying position
  • Towards or on the ground, floor, or bottom
  • Written or copied onto a piece of paper or book
  • noun
  • A period of play in American Football
  • The soft, smooth hairs that cover a bird's body
  • preposition
  • Along something's path, course, or direction
  • Going from a higher position to a lower position
  • verb
  • To eat or drink very quickly and without stopping

which

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US / wɪtʃ /

UK / hwɪtʃ,wɪtʃ /

A1
  • determiner
  • Question word to ask about a person's choice
  • pronoun
  • (Used to describe something previously mentioned)
  • Question word to decide either, or

two

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US / tu: /

UK / tu /

A1
  • number
  • 2

try

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US / traɪ /

UK / traɪ /

A1
  • noun
  • Act of putting the ball over the rugby goal line
  • verb
  • To make an effort, to attempt to do something
  • To examine someone or something in a court of law
  • To test to see if it is good or you like it
  • To make a person go through hardship; test
  • To examine something to see if it works

use

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US / ju:s /

UK / ju:s /

A1
  • noun
  • Ability to employ something
  • Need to enable it to work
  • Permission to do something with something
  • Act of spending money
  • Operation of a machine for its function
  • verb
  • To have; to eat, drink, consume etc.
  • To need to operate or work
  • To operate a machine, e.g. a computer
  • To treat a person badly
  • To do something with, for a task or purpose

than

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US / ðən /

UK / ðən /

A1
  • conjunction
  • Used to compare two things that are not equal

off

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US / ɒf /

UK / ɔ:f /

A1
  • adjecitve
  • (Of event) canceled; no longer occurring
  • Not having on; not wearing
  • Being somewhat wrong
  • adverb
  • Separated, removed, or away from a place or route
  • (Of a machine) no longer turned on or operating
  • (Of light, computer) no longer attached/connected
  • Far away in terms of time or space
  • preposition
  • Away or free from work
  • (Of foods, drink) old and bad to eat, drink
  • Extending or leading from something
  • No longer in or on some transport or vehicle

any

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US / 'enɪ /

UK / ˈɛni /

A1
  • adjecitve
  • One, or some, no matter which
  • pronoun
  • One (thing) of many; some

still

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US / stɪl /

UK / stɪl /

A1
  • adjecitve
  • Quiet; without sound
  • adverb
  • (Used of an action or condition that is ongoing)
  • noun
  • Machine or device for making alcohol
  • Photograph (not a video or moving image)

tell

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US / tel /

UK / tɛl /

A1
  • verb
  • To (strongly) advise a person to do something
  • To be able to guess
  • To say or communicate information to someone
  • To inform, but without speaking; indicate
  • To have a negative effect on someone
  • To order someone to do something; command
  • To recognize something based on certain signs
  • To report something to an authority
  • To explain something or teach someone something

mean

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US / mi:n /

UK / min /

A1
  • adjecitve
  • Being good at
  • Nasty; unkind
  • Not liking to spend money; cheap; stingy
  • noun
  • Average of a set of numbers
  • verb
  • To express a particular idea or thought
  • To intend to do something in particular
  • To have a particular meaning or value

around

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US / ə'raʊnd /

UK / əˈraʊnd /

A1
  • adjecitve
  • Close to someone or something
  • adverb
  • Located on every side, or along something
  • With a motion that moves in a circle or a curve
  • Going here and there within (a place)
  • Turned or turning in the opposite direction
  • preposition
  • Roughly; approximately

year

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US / jə: /

UK / jɪr /

A1
  • noun
  • Unit of time equal to 12 months or 365 or 366 days
  • Used to refer to the age of a person

why

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US / waɪ /

UK / hwaɪ, waɪ /

A1
  • adverb
  • Question word to ask for a reason
  • exclamation
  • (Used to express surprise or approval)

leave

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US / li:v /

UK / liv /

A1
  • noun
  • Permission to do something
  • Vacation time; time off work
  • verb
  • To go away from; depart
  • To gift property to someone after you die
  • To allow something to continue happening
  • To let something remain unused or available
  • To let something or someone remain somewhere

another

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US / əˈnʌðə(r) /

UK / əˈnʌðɚ /

A1
  • adjecitve
  • One more, but not this
  • determiner
  • One more added
  • pronoun
  • One more (thing)

every

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US / 'evrɪ /

UK / ˈɛvri /

A1
  • adjecitve
  • Happening at equal specified intervals/distance
  • determiner
  • Including each person or thing in a group

pretty

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US / 'prɪtɪ /

UK / ˈprɪti /

A1
  • adjecitve
  • Being attractive to the eye in a simple way
  • adverb
  • Very; to a great degree

three

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US / θri: /

UK / θri /

A1
  • number
  • Number 3

help

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US / help /

UK / hɛlp /

A1
  • noun
  • Something given to enable a person to do something
  • Assistance given to someone in need
  • Someone who makes something easier or possible
  • verb
  • To act to enable a person to do something; assist
  • To make something better or less difficult

part

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US / pɑ:t /

UK / pɑ:rt /

A1
  • adjecitve
  • To some degree; half; not fully
  • noun
  • Division of a book
  • Ratio of something, e.g. 3 of gin, 1 of tonic
  • A line in a person's hair, made with a comb
  • Character an actor plays on stage, movie, or TV
  • Some, but not all of a specific thing
  • Role in causing something to happen
  • verb
  • To make a line in a person's hair, by using a comb
  • To move two things apart creating a space
  • To leave someone, or to break off a relationship

bad

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US / bæd /

UK / bæd /

A1
  • adjecitve
  • Not good; wrong
  • Lacking in good morals; evil
  • No longer fresh; spoiled

point

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US / pɔɪnt /

UK / pɔɪnt /

A1
  • noun
  • An item to be discussed
  • Small spot or dot
  • Fact or detail
  • Feature of something
  • The size of the text on a page or screen
  • A certain time or stage in a process
  • Certain position in time or space
  • Idea or fact you try to convince people about
  • Measurement of scores in a game, sport
  • Sharp end of something, e.g. a pen or pin
  • verb
  • To face a certain direction, e.g. north
  • To indicate something with your finger to others

move

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US / mu:v /

UK / muv /

A1
  • noun
  • Act of moving a playing piece in chess, etc.
  • An action; doing something
  • Step taken to achieve a goal
  • verb
  • To cause someone to have certain emotions
  • To cause something to change to a different place
  • To change where people live or a business operates
  • To take action to do or achieve something

run

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US / rʌn /

UK / rʌn /

A1
  • noun
  • Journey between two places made by ship or car
  • Series of similar things or successes and failures
  • Act of running; exercise of running
  • verb
  • To depart or travel according to a schedule
  • To cause an animal to move in a certain direction
  • (Of an engine) to be operating
  • To start or use a computer program
  • To flow in a certain direction, like a liquid
  • To manage or operate a business
  • To operate or drive something
  • (Of a road) to go from one place to another
  • To move your legs faster than walking

own

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US / əʊn /

UK / on /

A1
  • adjecitve
  • Belong to oneself
  • determiner
  • Yours, his, hers, etc.; not belonging to another
  • pronoun
  • (Something) belong to myself
  • verb
  • To have something as your property

second

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US / 'sekənd /

UK / ˈsɛkənd /

A1
  • adjecitve
  • 2nd; the one following first
  • noun
  • Unit of time; one sixtieth of a minute
  • Short period of time that you wait for someone
  • (Do) soon
  • verb
  • To agree to support a proposal at a meeting

hope

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US / həʊp /

UK / hop /

A1
  • noun
  • When you wish something will happen; what you wish
  • verb
  • To expect and want something to happen

number

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US / ˈnʌmbə(r) /

UK / ˈnʌmbɚ /

A1
  • noun
  • Symbols such as 1, 2, 56, 793
  • Particular song or dance performed during a show
  • Total quantity or amount of things
  • verb
  • To put numbers on things
  • To assign a sequence within a group, series, set
  • To claim to be part of a larger group, series, set

enough

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US / ɪˈnʌf /

UK / ɪˈnʌf /

A1
  • adjecitve
  • Sufficient to answer the need
  • adverb
  • To a satisfactory degree
  • pronoun
  • Equal to what is needed; as much as required
  • Adequate number or amount

close

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US / kləʊz /

UK / kloʊz /

A1
  • adjecitve
  • Almost; near
  • (Of a friend) well-known; liked by others
  • Being near or related
  • Similar; nearly the same
  • verb
  • To come progressively nearer to something
  • To end; to bring to an end
  • To make something shut; stop from being open

high

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US / haɪ /

UK / haɪ /

A1
  • adjecitve
  • Excited or relaxed from taking drugs
  • Being of excellent quality or excellent standards
  • Larger than usual in number, amount or degree
  • Holding an important or powerful position
  • With a sound close to the top of the musical scale
  • Rising upward a great distance
  • adverb
  • At or to a place far above the ground
  • At a great value, amount or price
  • In a way that shows a lot of wealth
  • noun
  • (Weather) area of increased pressure

head

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US / hed /

UK / hɛd /

A1
  • noun
  • Counter for the number of cattle
  • Natural mental ability or intelligence
  • Leader or person with the greatest authority
  • Mind; mental ability; mental state
  • Side of a coin with a head on it
  • Top part of your body with eyes and a mouth
  • Starting point of something, e.g. a river
  • verb
  • To hit a ball with your head in a game
  • To be first or at the front or top (e.g. a list)
  • To travel or move toward a particular place; To go in a particular direction
  • To become the leader of something
  • To lead or be responsible for something

old

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US / əʊld /

UK / old /

A1
  • adjecitve
  • Having existed for a long time, not young or new
  • Age of a person since birth

break

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US / breɪk /

UK / brek /

A1
  • noun
  • Time you stop an activity before continuing
  • End of a relationship
  • An escape from a place such as a jail
  • (Lucky) advantage or benefit from something
  • Find a solution or answer to a problem or crime
  • Change in the weather
  • verb
  • To create a new record e.g. running the 100m dash
  • To form a crack in something
  • To burst or become damaged
  • To end a relationship
  • To escape from a place such as a jail
  • To train a wild animal e.g. a horse
  • To separate into pieces by force, or by dropping
  • To act against a law, rule, or promise
  • To become known suddenly, as in the news
  • To not do what you promised e.g. not keep promises
  • To solve a crime, or answer a problem
  • To stop functioning properly
  • To suddenly start, open or commence
  • To change in pitch suddenly, as in a voice
  • To fall on the shore, as in waves
  • To begin or change suddenly; the dawn or weather
  • To defeat by causing the person to lose their will

idea

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US / aɪ'dɪə /

UK / aɪˈdiə /

A1
  • noun
  • Belief, thought, suggestion, opinion or plan

believe

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US / bɪ'li:v /

UK / bɪˈliv /

A1
  • verb
  • To think or accept that something is true
  • To have a particular opinion about something

four

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US / fɔ:(r) /

UK / fɔr, for /

A1
  • number
  • 4

five

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US / faɪv /

UK / faɪv /

A1
  • number
  • 5

pick

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US / pɪk /

UK / pɪk /

A1
  • noun
  • Sharp tool used for breaking the ground
  • Item selected from a group of choices
  • verb
  • To take fruit or vegetables from a plant or tree
  • To decide on a thing from various choices; select
  • To remove (flower, etc.) with your fingers

question

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US / 'kwestʃən /

UK / ˈkwɛstʃən /

A1
  • noun
  • Issue or problems you are dealing with
  • What you ask about; issue
  • verb
  • To ask for or try to get information
  • To have or express concerns or uncertainty

remember

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US / rɪ'membə(r) /

UK / rɪˈmɛmbɚ /

A1
  • verb
  • To give someone a gift, e.g. birthday, wedding
  • To hold a thought in your mind to not forget it
  • To bring a previous image or idea to your mind

small

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US / smɔ:l /

UK / smɔl /

A1
  • adjecitve
  • Little in size; not big
  • (Of letters) not written in capital letters
  • Being insignificant or minor
  • (Of a business) with few people or things; local
  • (Of voice) being soft and quiet
  • (Of a child) being young

early

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US / ˈɜ:li /

UK / ˈɜ:rli /

A1
  • adjecitve
  • Happening or appearing before
  • adverb
  • Coming/happening before others in a time sequence
  • Happening sooner than expected

job

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US / dʒɒb /

UK / dʒɑ:b /

A1
  • noun
  • Something that must be done
  • Regular work at which you earn money

line

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US / laɪn /

UK / laɪn /

A1
  • noun
  • Border that divides two places or regions
  • Long crease in the skin, often from age
  • Mark that is long, straight and very thin
  • Row of words, letters or numbers that are written
  • Telephone connection
  • People waiting one behind the other; queue
  • Long thin wire, e.g. for electrical signal
  • verb
  • To put material along the inside of something

begin

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US / bɪ'ɡɪn /

UK / ˈbeɡɪn /

A1
  • verb
  • To do the first part of an action; to start

half

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US / hɑ:f /

UK / hæf, hɑf /

A1
  • adjecitve
  • Not complete
  • adverb
  • Partly; somewhat
  • noun
  • One of two equal periods of game time in a sport
  • The part you get when one is divided into two;

month

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US / mʌnθ /

UK / mʌnθ /

A1
  • noun
  • One of 12 28-31 day periods in the year

six

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US / sɪks /

UK / sɪks /

A1
  • number
  • 6

continue

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US / kən'tɪnju: /

UK / kənˈtɪnju /

A1
  • verb
  • To do something without stopping, or after pausing
  • To start doing again after a break, pause, or stop

huge

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US / hju:dʒ /

UK / hjudʒ /

A2
  • adjecitve
  • Very very large

drive

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US / draɪv /

UK / draɪv /

A1
  • noun
  • A person's ambition and motivation to do something
  • Action of moving cattle from one place to another
  • A part of a computer which stores the data
  • A trip by car
  • Power to move or operate an engine, car, etc.
  • Action of hitting a golf ball
  • Hard area where cars are parked leading to a house
  • verb
  • To move cattle from one place to another
  • To control a vehicle so that it moves somewhere
  • To force to go somewhere, or do or be something
  • To give power to move or operate an engine, etc.
  • To hit a golf ball
  • To push or hit an object into something else

share

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US / ʃeə(r) /

UK / ʃɛr /

A2
  • noun
  • Part-ownership in a property, business or company
  • Part of a company you own, shown by a certificate
  • verb
  • To divide something between two or more people
  • To allow others to use your things equally
  • To give information, etc. to someone

write

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US / raɪt /

UK / raɪt /

A1
  • verb
  • To compose letters and words on paper or a screen
  • To invent or create a computer program
  • To create a song or piece of music

whether

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US / ˈweðə(r) /

UK / ˈhwɛðɚ, ˈwɛð- /

A1
  • conjunction
  • If something will happen or not

obviously

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US / ˈɒbviəsli /

UK / ˈɑːbviəsli /

A2
  • adverb
  • In a way that is obvious/easy to see or understand

large

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US / lɑ:dʒ /

UK / lɑ:rdʒ /

A1
  • adjecitve
  • Big; of great size; broad, tall, wide, or fat

future

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US / ˈfju:tʃə(r) /

UK / ˈfjutʃɚ /

A1
  • noun
  • Time that is to come after the present

food

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US / fu:d /

UK / fud /

A1
  • noun
  • What people and animals eat to live
  • Things taken in by plants to maintain life
  • A particular style or type of cooking, e.g. Asian

term

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US / tɜ:m /

UK / tɚm /

A1
  • noun
  • Conditions applying to an agreement, contract
  • Length of time something is expected to happen
  • Fixed period of weeks for learning at school
  • The (precise) name given to something
  • verb
  • To call; give a name to

business

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US / ˈbɪznəs /

UK / ˈbɪznɪs /

A1
  • noun
  • A company formed for making profit
  • Matter that has to be dealt with; task; situation
  • Activity of working to make a profit

seven

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US / ˈsevn /

UK / ˈsɛvən /

A1
  • number
  • Number 7

company

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US / 'kʌmpənɪ /

UK / ˈkʌmpəni /

A1
  • noun
  • Good feeling from being with someone else
  • A business that sells things or provides services
  • Guests, especially in your home
  • Being with another person rather than alone

sell

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US / sel /

UK / sɛl /

A1
  • verb
  • To exchange something for money
  • To persuade people to do, like or agree

eight

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US / eɪt /

UK / et /

A1
  • number
  • 8

book

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US / bʊk /

UK / bʊk /

A1
  • noun
  • Thing made of pages with writing on that you read
  • verb
  • (Police) to officially record someone's crimes
  • To reserve (hotel room, etc.) in advance
  • To produce a red or yellow card to a soccer player

hundred

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US / 'hʌndrəd /

UK / ˈhʌndrɪd /

A1
  • number
  • 100

return

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US / rɪ'tɜ:n /

UK / rɪ'tɜ:rn /

A1
  • adjecitve
  • Do again; repeated
  • noun
  • Faulty or unwanted product sent back to a company
  • Enter key; the main key on the computer keyboard
  • Profit made as a result of a business activity
  • Process of going back to a previous way or state
  • verb
  • To hit something back to the other player or team
  • To come back after being away from somewhere
  • To repay someone's actions, kindness etc.
  • To put, bring, take, give, or send something back
  • To occur again

remain

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US / rɪˈmeɪn /

UK / rɪˈmen /

A2
  • verb
  • To be left behind; to continue to exist
  • To stay in a place when other people have gone
  • To be left undone (after other things changed)

near

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US / nɪə(r) /

UK / nɪr /

A1
  • adjecitve
  • Being close in time; happening soon
  • Being similar to something
  • adverb
  • Closely related or associated
  • preposition
  • With a small distance between things
  • verb
  • To move closer in time or space

price

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US / praɪs /

UK / praɪs /

A1
  • noun
  • Person's name
  • Cost of something in money
  • verb
  • To determine or set the cost of something

choice

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US / tʃɔɪs /

UK / tʃɔɪs /

A1
  • adjecitve
  • Of good quality or taste; desirable
  • noun
  • Decision between two or more possibilities

ten

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US / ten /

UK / tɛn /

A1
  • number
  • 10

plus

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US / plʌs /

UK / plʌs /

A2
  • noun
  • A benefit or advantage
  • preposition
  • In addition; add
  • In addition to; Indicates a number above
  • Having a value greater than zero

rate

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US / reɪt /

UK / ret /

A1
  • noun
  • Current price or cost of something
  • Speed or frequency of events over time
  • verb
  • To assess something or consider its qualities

raise

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US / reɪz /

UK / rez /

A1
  • noun
  • Increase in a bet above another when playing cards
  • Pay increase
  • verb
  • To increase a bet above another when playing cards
  • To gather donations for a cause or charity
  • To bring up and educate a child to maturity
  • To bring a dead person to life
  • To increase a quantity, size, intensity or price
  • To lift (e.g. your hand) to a higher position
  • To mention a topic /issue for discussion; bring up
  • To increase (salary, etc.)
  • To grow or care for plants or animals

dollar

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US / ˈdɒlə(r) /

UK / ˈdɑ:lə(r) /

A1
  • noun
  • A basic unit of money equal to 100 cent

quality

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US / 'kwɒlətɪ /

UK / ˈkwɑlɪti /

A2
  • noun
  • Feature associated with someone or something
  • High level of worth or excellence

energy

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US / 'enədʒɪ /

UK / ˈɛnədʒi /

A2
  • noun
  • Physical or mental strength

rise

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US / raɪz /

UK / raɪz /

A1
  • noun
  • Act or process of achieving a higher rank, status
  • Ground higher than the areas next to or around it
  • Movement from lower to greater heights
  • verb
  • To wake up and get out of bed after sleeping
  • (Of bread) to get larger due to air being created
  • To achieve greater success and power or rank
  • To increase in quantity, degree, strength, value
  • To move from a lower position to a higher one
  • (Sun, etc.) to appear over the horizon, in the sky

multiple

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US / ˈmʌltɪpl /

UK / ˈmʌltəpəl /

B1
  • adjecitve
  • Having or involving more than one of something
  • noun
  • Number produced by multiplying a smaller number
  • Shop with many branches

extremely

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US / ɪkˈstri:mli /

UK / ɪk'strimlɪ /

B1
  • adverb
  • In a way that is much more than usual or expected

value

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US / 'vælju: /

UK / ˈvælju /

A1
  • noun
  • Importance you attach to something
  • Some information expressed as a number
  • Stated price of something; worth
  • verb
  • To place a high importance on something
  • To say how much money something is worth

note

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US / nəʊt /

UK / not /

A1
  • noun
  • Paper money
  • Comments at the bottom of a page or end of a book
  • A particular musical sound from voice, instrument
  • Short piece of writing to help remember something
  • verb
  • To make mention of something; to make a remark
  • To write brief comments to help remember something

pack

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US / pæk /

UK / pæk /

A1
  • noun
  • Bag carried on the back of donkey, etc.
  • Group of people, animals, or objects
  • verb
  • To put things in a suitcase to go on a trip
  • To crowd a place with a large amount of things
  • To put something into a container to store it

clip

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US / klɪp /

UK / klɪp /

B1
  • noun
  • A metal holder used for keeping things together
  • Brief part of a television show or movie
  • verb
  • To attach things together using a metal pin
  • To cut a small section or piece out from something
  • To hit something briefly at an angle

fully

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US / 'fʊlɪ /

UK / ˈfʊli /

A1
  • adverb
  • Completely or entirely

market

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US / ˈmɑ:kɪt /

UK / ˈmɑ:rkɪt /

A1
  • noun
  • Need or demand for a particular product or service
  • Area or region where a certain product is sold
  • Public event where people sell goods on tables
  • Institution where stocks are bought and sold
  • verb
  • To publicize products to get you to buy; advertise

model

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US / ˈmɒdl /

UK / ˈmɑ:dl /

A2
  • adjecitve
  • Being an excellent example of
  • noun
  • Person who wears fashion to show it to the public
  • A small scale copy of a full original
  • verb
  • To wear and display clothes at a fashion show
  • To make a small scale copy of a full original

unless

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US / ənˈles /

UK / ʌnˈlɛs /

A2
  • conjunction
  • Negative of 'if'

feed

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US / fi:d /

UK / fid /

A2
  • noun
  • Food given to animals
  • verb
  • To give food, e.g. to animals or a baby
  • To push something through an opening
  • To provide necessary supplies to

billion

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US / ˈbɪljən /

UK / ˈbɪljən /

A2
  • noun
  • Number 1,000,000,000

interest

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US / 'ɪntrəst /

UK / ˈɪntrɪst, -tərɪst, -ˌtrɛst /

A1
  • noun
  • Best or most advantageous thing for someone
  • Activity or subject one enjoys doing or learning
  • Fee for borrowing money
  • verb
  • To make someone want to know about something
  • To persuade to do, become involved with something

negative

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US / 'neɡətɪv /

UK / ˈnɛɡətɪv /

A2
  • adjecitve
  • Being harmful, unwanted or unhelpful
  • In mathematics, being less than zero
  • Focusing on the bad aspects; pessimistic
  • noun
  • The opposite to a positive electrical charge
  • In grammar, containing words such as 'no' or 'not'
  • Reply to a question or statement that means 'no'
  • Image on camera film used to make a photo

combine

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US / kəmˈbaɪn /

UK / kəmˈbaɪn /

A2
  • verb
  • To mix several things together to form one thing

quarter

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US / 'kwɔ:tə(r) /

UK / ˈkwɔrtɚ /

A2
  • noun
  • 25 cents
  • 3-month period of time for businesses, etc.
  • One of four equal parts of something
  • One of the four time periods in a school calendar
  • One of four equal periods of play in some sports
  • Area of a town or city defined by its inhabitants
  • verb
  • To split something into four equal parts
  • To give a soldier a place to live for a short time

earn

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US / ɜ:n /

UK / ɜ:rn /

A2
  • verb
  • To deserve something because you worked for it
  • To get money for work

industry

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US / 'ɪndəstrɪ /

UK / ˈɪndəstri /

A1
  • noun
  • Hard work; being busy working
  • Factories or businesses that make certain products

percent

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US / pə'sent /

UK / pɚˈsɛnt /

A2
  • adverb
  • One one-hundredth of a whole; the symbol %

judge

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US / dʒʌdʒ /

UK / dʒʌdʒ /

A2
  • noun
  • Person who decides on the results of a contest
  • Person who has the power to make a decision
  • verb
  • To reach a decision about who won a contest
  • To form an opinion after careful consideration
  • To make a decision in court

equal

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US / 'i:kwəl /

UK / ˈikwəl /

A1
  • adjecitve
  • Same in shape, size, or number
  • verb
  • To add up or be the same as

stretch

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US / stretʃ /

UK / strɛtʃ /

A2
  • noun
  • Making arm, leg muscles longer to ease them
  • A consecutive row of things
  • A period of time
  • verb
  • To make your arm, leg muscles long to ease them
  • To make something bigger by pulling on it

weather

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US / 'weðə(r) /

UK / ˈwɛðɚ /

A1
  • noun
  • Whether it is raining, sunny, cold etc. outside
  • verb
  • To successfully deal with a difficult situation
  • To erode or become damaged due to the environment

climb

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US / klaɪm /

UK / klaɪm /

A1
  • noun
  • A trip up something, e.g. a mountain
  • Increase or a rise toward a higher price or point
  • verb
  • To rise gradually and steadily to a higher point
  • To increase or rise toward a higher price or point

nowhere

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US / 'nəʊweə(r) /

UK / ˈnoˌhwɛr, -ˌwɛr /

A2
  • adverb
  • Not in or at any place; no place

invest

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US / ɪn'vest /

UK / ɪnˈvɛst /

A2
  • verb
  • To use resources to build for the future

basis

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US / ˈbeɪsɪs /

UK / ˈbesɪs /

A2
  • noun
  • Main ingredient or part of something
  • Starting situation, fact, idea to develop from

cap

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US / kæp /

UK / kæp /

B1
  • noun
  • Covering for the end or top of something
  • Small, soft hat often with a front visor or shade
  • An upper limit on the amount of (e.g. budget)
  • verb
  • To cover the top or end of an object
  • To limit the amount of usage of something

central

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US / 'sentrəl /

UK / ˈsɛntrəl /

A2
  • adjecitve
  • Being in the middle
  • Most significant or important

bank

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US / bæŋk /

UK / bæŋk /

A1
  • noun
  • A financial institution that keeps or lends money
  • The side of a river
  • A row of things in lines (e.g. computers)
  • verb
  • To put or keep your money in a bank
  • To turn a plane when flying; (of a plane) to turn

pause

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US / pɔ:z /

UK / pɔz /

A2
  • noun
  • A temporary break before continuing
  • Function on a device to stop and restart it
  • Sign to hold a musical note a bit longer
  • verb
  • To stop doing for a while before continuing

net

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US / net /

UK / nɛt /

A2
  • adjecitve
  • Remaining amount after something is taken away
  • noun
  • Internet
  • Crossed rope, fibers with partly open pattern
  • Crossed ropes that make up the back of a goal
  • verb
  • To catch or cover something in a mesh, often fish
  • To gain or earn a certain amount of money
  • To hit a ball into a goal during a sports event

storm

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US / stɔ:m /

UK / stɔrm /

A1
  • noun
  • Weather with a lot of rain, snow and strong winds
  • verb
  • To act violently or angrily

premium

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US / ˈpri:miəm /

UK / ˈprimiəm /

B1
  • adjecitve
  • Having a higher than normal quality
  • noun
  • Money paid as a fee for insurance

commercial

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US / kəˈmə:ʃəl /

UK / kəˈmɚʃəl /

B1
  • adjecitve
  • noun
  • Radio or television advertisement

disaster

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US / dɪ'zɑ:stə(r) /

UK / dɪˈzæstɚ, -ˈsæs- /

A2
  • noun
  • State of extreme ruin and misfortune

fund

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US / fʌnd /

UK / fʌnd /

A2
  • noun
  • Money collected, saved, or provided for a purpose
  • A specific account into which you put money
  • verb
  • To supply money for something

march

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US / mɑ:tʃ /

UK / mɑ:rtʃ /

A1
  • noun
  • Walk by a group of soldiers who walk in time
  • 3rd month of the year
  • Music played for soldiers to walk in time to
  • Progress towards a future time or place
  • Public walk by a group to demand change
  • verb
  • To force someone to walk somewhere
  • (Soldiers) to walk in time with others
  • To walk as a group to demand some kind of change
  • To walk somewhere quickly often in an angry manner

dust

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US / dʌst /

UK / dʌst /

A2
  • noun
  • Fine dry powder that builds up on surfaces
  • verb
  • To apply a fine powder to, e.g. sugar to a cake
  • To wipe something to remove dirt

administration

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US / ədˌmɪnɪˈstreɪʃn /

UK / ædˌmɪnɪˈstreʃən /

B1
  • noun
  • Act of giving e.g. medicine to a patient
  • The work of running something, e.g. a business
  • People managing a business, government etc.

percentage

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US / pəˈsentɪdʒ /

UK / pərˈsentɪdʒ /

B1
  • noun
  • Part of a whole divided into hundredths

realistic

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US / ˌri:əˈlɪstɪk /

UK / ˌriəˈlɪstɪk /

A2
  • adjecitve
  • Looks or appears real; like things really are

trail

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US / treɪl /

UK / trel /

B1
  • noun
  • Series of marks or signs left by something moving
  • Rough path, as through a forest or field
  • Following behind someone to see what they're doing
  • verb
  • To follow behind someone
  • To be losing to a competitor
  • To pull something behind you along the ground
  • To follow behind someone to see what they're doing

reserve

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US / rɪ'zɜ:v /

UK / rɪˈzɚv /

A2
  • noun
  • Area of land set aside as for a people
  • Park or area for wildlife to roam free
  • Item kept or used as spares
  • verb
  • To arrange for a room or table be kept for you
  • To not use all of, so you can use it later

rally

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US / 'rælɪ /

UK / ˈræli /

B1
  • noun
  • Public meeting to support or oppose something
  • verb
  • To meet publicly to support or oppose something
  • To race cars in the countryside

ratio

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US / ˈreɪʃiəʊ /

UK / ˈreɪʃioʊ /

C2
  • noun
  • The relationship in relative size, etc.

cent

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US / sent /

UK / sɛnt /

A2
  • noun
  • 100th of the basic unit of money e.g. a dollar

lag

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US / læɡ /

UK / læɡ /

B2
  • noun
  • Delay between two events
  • verb
  • To move at a slow pace in relation to others

imagination

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US / ɪˌmædʒɪˈneɪʃn /

UK / ɪˌmædʒəˈneʃən /

A2
  • noun
  • Ability to creates new ideas and mental images

choke

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US / tʃəʊk /

UK / tʃoʊk /

B2
  • verb
  • To cause someone not to breathe
  • To be unable to breath due to a blockage
  • To fail to perform well, due to stress

dramatically

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US / drə'mætɪklɪ /

UK / drəˈmætɪkl:ɪ /

B1
  • adverb
  • In a sudden or extreme manner

briefly

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US / ˈbri:fli /

UK / ˈbriːfli /

B1
  • adverb
  • Using little time or resources

mega

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US / ˈmegə /

UK / 'meɡə /

B2
  • noun
  • Big; great; large; impressive

twenty

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US / ˈtwenti /

UK / ˈtwɛnti, ˈtwʌn- /

A1
  • number
  • Number 20

inflation

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US / ɪn'fleɪʃn /

UK / ɪnˈfleʃən /

B1
  • noun
  • Act of filling something with air or gas
  • Continual rise in the prices of products

valley

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US / 'vælɪ /

UK / ˈvæli /

A2
  • noun
  • Area between mountains with river running through

earning

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US / 'ɜ:nɪŋ /

UK / 'ɜ:nɪŋ /

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  • verb
  • To deserve something because you worked for it
  • To get money for work

jimmy

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US / 'dʒɪmɪ /

UK / 'dʒɪmɪ /

A1
  • noun
  • A short crowbar

swirl

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US / swɜ:l /

UK / swɜrl /

B1
  • verb
  • To make a twisting shape, mark, or pattern

personalize

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US / ˈpɜ:sənəlaɪz /

UK / ˈpɜ:rsənəlaɪz /

C1
  • verb
  • To make personal or more personal

equity

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US / ˈekwəti /

UK / ˈɛkwɪti /

B1
  • noun
  • Condition of people being treated the same
  • Stocks and shares which pay no fixed interest
  • Value of a house, etc., minus the mortgage

silicon

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US / ˈsɪlɪkən /

UK / ˈsɪlɪkən, -ˌkɑn /

B2
  • noun
  • Mineral used in making steel and computer parts

allude

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US / əˈlu:d /

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C1
  • verb
  • To refer to without mentioning it directly

russell

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US / ˈrʌsəl /

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  • noun
  • English film director (born in )

decimate

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US / 'desɪmeɪt /

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  • verb
  • to kill a large number of something, or to reduce something severely

respectively

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US / rɪˈspektɪvli /

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B2
  • adverb
  • With regards to each of several persons or things

diversify

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US / daɪˈvɜ:sɪfaɪ /

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B2
  • verb
  • To make or become more varied
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ninety

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US / 'naɪntɪ /

UK / ˈnaɪnti /

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  • number
  • 90

gulf

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US / gʌlf /

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  • noun
  • Part of a sea partially surrounded by land
  • Wide separation or difference between two groups
  • Deep hole in the ground

valuation

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US / ˌvæljuˈeɪʃn /

UK / ˌvæljuˈeɪʃn /

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  • noun
  • Price of something, determined by expert
  • Judgment of how good something is

carter

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US / 'kɑ:tə /

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  • noun
  • (Old fashioned) a person who drives a cart

nasdaq

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US / ˈnæzdæk /

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  • other

fourteen

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US / ˌfɔ:ˈti:n /

UK / fɔrˈtin /

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  • number
  • 14

increment

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US / 'ɪŋkrəmənt /

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  • noun
  • Amount by which something is increased

liquidity

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US / lɪˈkwɪdəti /

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  • noun
  • Degree to which your wealth is held in cash
  • State in which a substance can flow

reagan

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irving

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US / ˈə:viŋ /

UK / ˈɚvɪŋ /

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  • proper noun
  • An industrial city in northeastern Texas, between Dallas and Fort Worth; population 201,358 (est. 20

eighteen

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US / ˌeɪˈti:n /

UK / eˈtin /

A1
  • number
  • 18

outpace

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US / ˌaʊtˈpeɪs /

UK / aʊtˈpes /

C2
  • verb
  • To go faster than

beneficiary

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US / ˌbenɪ'fɪʃərɪ /

UK / ˌbɛnəˈfɪʃiˌɛri, -ˈfɪʃəri /

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  • noun
  • Person who benefits from something

agnostic

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US / ægˈnɒstɪk /

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C1
  • adjecitve
  • Being undecided about the existence of God
  • noun
  • Person who is undecided about the existence of God

roundtable

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US / ˈraʊndˈteɪbl /

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  • adjecitve

cpi

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US / ˌsiː piː ˈaɪ /

UK / ˌsiː piː ˈaɪ /

A1
  • abbreviation
  • CPI is an acronym

underwriter

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US / ˈʌndəraɪtə(r) /

UK / ˈʌndɚˌraɪtɚ /

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  • noun
  • An agent who estimates the level of insurance

pce

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US / /

UK / /

A1
  • abbreviation
  • PCE is an acronym
  • Introduction to Video Content
  • In a recent interview, Scott Black, CEO of Delphi Management, shares his negative outlook on the market. While he claims to remain agnostic in terms of percentage invested, he highlights the high valuations in the market. Black points out that with a realistic estimate of 113 for the S&P, the 2023 earnings are at a multiple of 19.5, while the Nasdaq is at a multiple of 25. Even the Russell 2000, which has suffered significant losses, is over 21 times earnings. Black does not anticipate a decrease in interest rates in the near future and believes that the market is already fully priced. He attributes the recent liquidity-driven rally to the mega caps in March, leaving the Russell 2000 and the 2500 value indexes lagging behind the S&P. When discussing the Fed's interest rate decisions, Black expects them to continue raising rates. He draws comparisons to the early 1980s when Jimmy Carter faced high inflation and Paul Volcker, the Fed Chairman at the time, had to take action to combat it. Black argues that current inflation levels, even on a six-month lag, are still far higher than the Fed's target of two percent. Therefore, unless there is a major disaster comparable to the Silicon Valley Bank, Black predicts that the Fed will need to continue raising interest rates throughout the year.
  • Subtitles section
  • Judging from your notes, you're pretty negative on the market.
  • No, we try to be agnostic in terms of percentage invested.
  • But by any stretch of the imagination, valuations are high.
  • If you use 113 for a number on the S&P, which I think is realistic, the 2023 earnings are 19 and a half times earnings.
  • The Nasdaq is selling at about a 25 multiple.
  • And even the Russell 2000, which has been decimated is over 21 times earnings.
  • And I don't think interest rates are coming down in the near future.
  • So I think the market's fully priced.
  • It's been liquidity driven by the mega caps in the month of March, as I alluded to in the write up.
  • Obviously, the Russell 2000 value and the 2500 value got left in the dust.
  • They went down dramatically and they lagged the S&P by 12 and 14 percentage points respectively, which is a huge gulf.
  • But you do you do see the Fed raising interest rates more.
  • I mean, that that remains the central question as we head into the second quarter, because you have to believe that part of the rally in the first was on the idea of a pause.
  • I don't think so.
  • I'm old enough to remember the early 80s and Jimmy Carter had high inflation over 12 percent.
  • Mr. Volcker came in at the beginning of the Reagan administration.
  • We had to break the back of inflation.
  • Inflation is still running at six percent on CPI, even on a six month lag.
  • It's still over four percent in the PCE X energy and food, so four plus.
  • That's nowhere near close to what the Fed was at two percent.
  • So I think that all things being equal, unless we have another disaster worse than Silicon Valley Bank interest rates, the Fed funds rate are going to have to continue to climb this year.
  • Can we choke off?
  • OK, well, let's hope we don't have that job.
  • One of your two picks to help weather the storm, you say, is still swirling around us.
  • Tell me briefly why, Chubb, and then we'll move to choice number two.
  • Well, Chubb's down to one hundred ninety seven dollars a share, and I use it on the Barron's Roundtable.
  • I think they're going to earn about eighteen dollars and twenty cents.
  • This is my own model with an 88 combined ratio.
  • It's a ten point eight multiple, fourteen and a half percent return on equity.
  • One, they're a quality underwriter.
  • They've outpaced the industry year in, year out in combined ratio by five to six hundred basis points a year, whether you take a one, three, five or ten year trailing.
  • The net written premiums are going up at about seven percent clip.
  • They have a well diversified book of business in terms of lines.
  • I mean, large, large company commercials, 20 percent, small midcap commercials, 25 percent, personalized 18. It's a very well run company.
  • It's extremely well reserved.
  • And Irving Greenberg's done a very good job.
  • The other thing is they're a beneficiary of rising interest rates.
  • For every hundred basis points increment in interest rates, they earn one point one billion three packs.