WEBVTT 00:04.800 --> 00:11.033 align:start position:10% line:74% size:80% >> THE DOW FINISHED UP 99 POINTS 00:07.233 --> 00:13.566 align:start position:10% line:74% size:80% TODAY THAT WOULD BE UNREMARKABLE 00:09.100 --> 00:13.833 align:start position:10% line:74% size:70% BUT FOR THE FACT IT WAS DOWN 00:11.033 --> 00:16.400 align:start position:10% line:74% size:72.5% MORE THAN 1100 EARLIER IN THE 00:13.566 --> 00:17.766 align:start position:10% line:74% size:10% DAY. 00:13.833 --> 00:20.800 align:start position:10% line:74% size:70% THIS HAS THE MARKETS TUMBLED 00:16.400 --> 00:22.366 align:start position:10% line:74% size:60% BADLY TO START THE YEAR. 00:17.766 --> 00:23.566 align:start position:10% line:74% size:65% CHIEF AMONG INVESTOR FEARS 00:20.800 --> 00:25.566 align:start position:10% line:74% size:77.5% APPEAR THAT THE FEDERAL RESERVE 00:22.366 --> 00:28.733 align:start position:10% line:74% size:70% WILL RAISE INTEREST RATES TO 00:23.566 --> 00:30.233 align:start position:10% line:74% size:50% TAMP DOWN INFLATION. 00:25.566 --> 00:34.000 align:start position:10% line:74% size:75% AND THE WAR BETWEEN RUSSIA AND 00:28.733 --> 00:36.800 align:start position:10% line:74% size:60% UKRAINE HAS ADDED TO THE 00:30.233 --> 00:39.166 align:start position:10% line:74% size:75% NEGATIVE SENT: JOINING US ARE 00:34.000 --> 00:43.133 align:start position:10% line:74% size:25% LEE BAKER. 00:36.800 --> 00:43.533 align:start position:10% line:74% size:62.5% AND MICHAEL STRITCH CHIEF 00:39.166 --> 00:44.700 align:start position:10% line:74% size:80% INVESTMENT OFFICER AT BMO WEALTH 00:43.133 --> 00:45.433 align:start position:10% line:74% size:27.5% MANAGEMENT. 00:43.533 --> 00:48.333 align:start position:10% line:74% size:77.5% WELCOME BOTH OF YOU TO "CHICAGO 00:44.700 --> 00:50.133 align:start position:10% line:74% size:22.5% TONIGHT." 00:45.433 --> 00:50.466 align:start position:10% line:74% size:75% >> LEE BAKER WHAT ACCOUNTS FOR 00:48.333 --> 00:51.133 align:start position:10% line:74% size:62.5% THE WILD GYRATIONS IN THE 00:50.133 --> 00:52.600 align:start position:10% line:74% size:17.5% MARKET? 00:50.466 --> 00:54.566 align:start position:10% line:74% size:42.5% >> YOU NAILED IT. 00:51.133 --> 00:55.933 align:start position:10% line:74% size:72.5% THE THING THAT STARTED IS THE 00:52.600 --> 00:57.066 align:start position:10% line:74% size:72.5% CONCERN ABOUT WHAT THE FED IS 00:54.566 --> 00:57.933 align:start position:10% line:74% size:80% GOING TO DO RELEVANT TO INTEREST 00:55.933 --> 01:01.166 align:start position:10% line:74% size:72.5% RATE HIKES OVER THE COURSE OF 00:57.066 --> 01:01.866 align:start position:10% line:74% size:22.5% THE YEAR. 00:57.933 --> 01:03.633 align:start position:10% line:74% size:67.5% I THINK SOME IS A BIT OF AN 01:01.166 --> 01:06.600 align:start position:10% line:74% size:32.5% OVERREACTION. 01:01.866 --> 01:08.500 align:start position:10% line:74% size:70% YES, INFLATION IS A PROBLEM. 01:03.633 --> 01:11.000 align:start position:10% line:74% size:67.5% IT IS TURNED OUT TO BE LESS 01:06.600 --> 01:13.800 align:start position:10% line:74% size:77.5% TRANSITORY THAN THE FED THOUGHT 01:08.500 --> 01:15.533 align:start position:10% line:74% size:65% GOING BACK TO LAST SUMMER. 01:11.000 --> 01:17.033 align:start position:10% line:74% size:72.5% BY THIS TIME THE ANTICIPATION 01:13.800 --> 01:21.033 align:start position:10% line:74% size:80% WAS THAT THE SUPPLY CHAIN ISSUES 01:15.533 --> 01:21.800 align:start position:10% line:74% size:80% WOULD HAVE EASED UP AND WE WOULD 01:17.033 --> 01:24.400 align:start position:10% line:74% size:72.5% BE MOVING AWAY FROM THAT 5-6% 01:21.033 --> 01:27.633 align:start position:10% line:74% size:77.5% YEAR-OVER-YEAR INFLATION NUMBER 01:21.800 --> 01:29.733 align:start position:10% line:74% size:75% BUT IT'S HERE AND LIKELY TO BE 01:24.400 --> 01:31.666 align:start position:10% line:74% size:80% HERE ANOTHER THREE MONTHS OR SO. 01:27.633 --> 01:32.800 align:start position:10% line:74% size:75% >> A RELATIVELY BAD POOR START 01:29.733 --> 01:35.333 align:start position:10% line:74% size:67.5% TO THE YEAR FOR THE DOW AND 01:31.666 --> 01:40.466 align:start position:10% line:74% size:35% OTHER MARKETS. 01:32.800 --> 01:41.633 align:start position:10% line:74% size:47.5% THE DOW IS DOWN 6%. 01:35.333 --> 01:43.433 align:start position:10% line:74% size:70% THE S&P 5% AND NASDAQ 12.5%. 01:40.466 --> 01:46.600 align:start position:10% line:74% size:72.5% MICHAEL STRITCH WHAT ACCOUNTS 01:41.633 --> 01:48.233 align:start position:10% line:74% size:70% FOR THIS PERFORMANCE FOR THE 01:43.433 --> 01:49.833 align:start position:10% line:74% size:75% FIRST THREE WEEKS OF THE YEAR? 01:46.600 --> 01:52.100 align:start position:10% line:74% size:62.5% >> WELL, I THINK WE HAD A 01:48.233 --> 01:54.600 align:start position:10% line:74% size:77.5% TREMENDOUS YEAR LAST YEAR AND A 01:49.833 --> 01:57.466 align:start position:10% line:74% size:80% TREMENDOUS YEAR THE YEAR BEFORE. 01:52.100 --> 01:59.333 align:start position:10% line:74% size:75% AND THERE IS ALWAYS ROOM FOR A 01:54.600 --> 02:01.200 align:start position:10% line:74% size:67.5% CORRECTION IN THE FACE OF A 01:57.466 --> 02:02.933 align:start position:10% line:74% size:77.5% LONGER TERM UPTREND AND I THINK 01:59.333 --> 02:04.700 align:start position:10% line:74% size:80% THAT WHAT WE'RE SEEING DRIVEN BY 02:01.200 --> 02:05.600 align:start position:10% line:74% size:42.5% A COUPLE FACTORS. 02:02.933 --> 02:07.433 align:start position:10% line:74% size:77.5% LEE MENTIONED THE INFLATION AND 02:04.700 --> 02:09.866 align:start position:10% line:74% size:50% INTEREST RATE STORY. 02:05.600 --> 02:11.733 align:start position:10% line:74% size:80% WE ARE IN THE MIDDLE OF EARNINGS 02:07.433 --> 02:13.366 align:start position:10% line:74% size:77.5% SEASON AND RESULTS HAVE BEEN OK 02:09.866 --> 02:15.066 align:start position:10% line:74% size:80% BUT PERHAPS NOT LIVING UP TO THE 02:11.733 --> 02:17.800 align:start position:10% line:74% size:80% HEIGHTENED EXPECTATIONS RELATIVE 02:13.366 --> 02:18.100 align:start position:10% line:74% size:42.5% TO PAST QUARTERS. 02:15.066 --> 02:21.300 align:start position:10% line:74% size:80% THAT IS WEIGHING ON INVESTORS AS 02:17.800 --> 02:22.966 align:start position:10% line:74% size:12.5% WELL. 02:18.100 --> 02:23.800 align:start position:10% line:74% size:67.5% AND WE DO HAVE GEOPOLITICAL 02:21.300 --> 02:26.000 align:start position:10% line:74% size:72.5% TENSIONS UNFOLDING IN EASTERN 02:22.966 --> 02:29.333 align:start position:10% line:74% size:17.5% EUROPE. 02:23.800 --> 02:30.400 align:start position:10% line:74% size:77.5% I REITERATE THIS IS ALTHOUGH IT 02:26.000 --> 02:32.800 align:start position:10% line:74% size:67.5% SEEMS EXTREME AND TODAY WAS 02:29.333 --> 02:33.200 align:start position:10% line:74% size:80% EXTREME, IT IS IN THE CONTEXT OF 02:30.400 --> 02:35.066 align:start position:10% line:74% size:80% THE BROADER UPTREND WE HAVE BEEN 02:32.800 --> 02:35.900 align:start position:10% line:74% size:7.5% IN. 02:33.200 --> 02:38.133 align:start position:10% line:74% size:80% SOMETHING THAT CAN BE CONSIDERED 02:35.066 --> 02:40.633 align:start position:10% line:74% size:32.5% QUITE NORMAL. 02:35.900 --> 02:42.433 align:start position:10% line:74% size:72.5% >> LEE BAKER IS THIS A NORMAL 02:38.133 --> 02:45.000 align:start position:10% line:74% size:77.5% CORRECTION TO THE HOT MARKET OF 02:40.633 --> 02:47.533 align:start position:10% line:74% size:50% THE LAST YEAR OR SO? 02:42.433 --> 02:49.300 align:start position:10% line:74% size:70% OR DOES IT PORTEND SOMETHING 02:45.000 --> 02:49.700 align:start position:10% line:74% size:80% MORE OMINOUS LIKE A BEAR MARKET? 02:47.533 --> 02:52.000 align:start position:10% line:74% size:72.5% >> I BELIEVE THIS IS A NORMAL 02:49.300 --> 02:53.866 align:start position:10% line:74% size:27.5% CORRECTION. 02:49.700 --> 02:55.500 align:start position:10% line:74% size:77.5% I THINK ONE OF THE ISSUES WE'VE 02:52.000 --> 02:57.366 align:start position:10% line:74% size:77.5% GOT OVER THE COURSE OF THE LAST 02:53.866 --> 02:59.200 align:start position:10% line:74% size:72.5% FEW YEARS WE HAVE BEEN LULLED 02:55.500 --> 03:01.466 align:start position:10% line:74% size:75% INTO A FALSE SENSE OF SECURITY 02:57.366 --> 03:02.866 align:start position:10% line:74% size:70% BECAUSE CORRECTIONS THAT ARE 02:59.200 --> 03:04.800 align:start position:10% line:74% size:65% NORMAL IN MOST YEARS, JUST 03:01.466 --> 03:07.100 align:start position:10% line:74% size:40% HADN'T HAPPENED. 03:02.866 --> 03:08.700 align:start position:10% line:74% size:77.5% WE'D HAVE MINNIE CORRECTIONS IF 03:04.800 --> 03:10.266 align:start position:10% line:74% size:80% YOU WILL WHERE THE MARKETS WOULD 03:07.100 --> 03:12.466 align:start position:10% line:74% size:80% PULLBACK FOUR OR FIVE POINTS AND 03:08.700 --> 03:14.500 align:start position:10% line:74% size:70% THAT WOULD LAST FOR I AWEEK. 03:10.266 --> 03:14.933 align:start position:10% line:74% size:67.5% HAVING A PULLBACK OF 10% IS 03:12.466 --> 03:16.566 align:start position:10% line:74% size:57.5% QUITE NORMAL UNDER MOST 03:14.500 --> 03:18.433 align:start position:10% line:74% size:35% CIRCUMSTANCES. 03:14.933 --> 03:18.766 align:start position:10% line:74% size:77.5% IT'S JUST THAT THAT HADN'T BEEN 03:16.566 --> 03:20.233 align:start position:10% line:74% size:70% THE CASE FOR THE LAST COUPLE 03:18.433 --> 03:22.533 align:start position:10% line:74% size:15% YEARS. 03:18.766 --> 03:24.200 align:start position:10% line:74% size:75% >> AND INVESTOR FEARS OVER THE 03:20.233 --> 03:25.600 align:start position:10% line:74% size:67.5% FED RAISING INTEREST RATES. 03:22.533 --> 03:26.766 align:start position:10% line:74% size:72.5% THE FED CHAIRMAN HINTED THOSE 03:24.200 --> 03:30.633 align:start position:10% line:74% size:40% MIGHT BE COMING. 03:25.600 --> 03:32.866 align:start position:10% line:74% size:72.5% MICHAEL STRITCH WHY DOES THIS 03:26.766 --> 03:35.633 align:start position:10% line:74% size:67.5% MAKE INVESTORS SO SKIDDISH? 03:30.633 --> 03:36.666 align:start position:10% line:74% size:67.5% >> WELL, I MEAN THERE'S THE 03:32.866 --> 03:38.400 align:start position:10% line:74% size:77.5% PRIMARY REASON I THINK FROM THE 03:35.633 --> 03:40.666 align:start position:10% line:74% size:70% FEDS PERSPECTIVE OF INTEREST 03:36.666 --> 03:42.266 align:start position:10% line:74% size:72.5% RATES GOING UP HAS TO DO WITH 03:38.400 --> 03:45.100 align:start position:10% line:74% size:55% THIS IDEA OF NO BETTER 03:40.666 --> 03:47.900 align:start position:10% line:74% size:80% ALTERNATIVES AND REALLOCATION OF 03:42.266 --> 03:49.833 align:start position:10% line:74% size:67.5% FUNDS WHEN YOU SEE INTEREST 03:45.100 --> 03:51.666 align:start position:10% line:74% size:77.5% RATES IN 1% RANGE AND NOW 2 AND 03:47.900 --> 03:54.500 align:start position:10% line:74% size:67.5% ABOVE 2 LATER THIS YEAR YOU 03:49.833 --> 03:57.300 align:start position:10% line:74% size:75% START TO ASK IS THERE A BETTER 03:51.666 --> 03:57.666 align:start position:10% line:74% size:65% OPPORTUNITY THAN THE FIXED 03:54.500 --> 03:59.633 align:start position:10% line:74% size:62.5% INCOME INSTRUMENTS VERSUS 03:57.300 --> 04:01.800 align:start position:10% line:74% size:22.5% EQUITIES. 03:57.666 --> 04:03.233 align:start position:10% line:74% size:70% THERE IS A CONSIDERATION AND 03:59.633 --> 04:05.500 align:start position:10% line:74% size:80% THAT IS IMPACTFUL FOR TECHNOLOGY 04:01.800 --> 04:09.033 align:start position:10% line:74% size:60% COMPANIES OR HIGH GROWTH 04:03.233 --> 04:10.200 align:start position:10% line:74% size:62.5% COMPANIES WHERE YOU DON'T 04:05.500 --> 04:11.466 align:start position:10% line:74% size:72.5% REALIZE THE VALUE IN TERMS OF 04:09.033 --> 04:13.600 align:start position:10% line:74% size:72.5% FREE CASH FLOWS WELL INTO THE 04:10.200 --> 04:15.500 align:start position:10% line:74% size:80% FUTURE AND WHEN YOU SEE INTEREST 04:11.466 --> 04:18.333 align:start position:10% line:74% size:77.5% RATES GO UP AND THINK ABOUT HOW 04:13.600 --> 04:19.933 align:start position:10% line:74% size:60% EQUITIES ARE IN EFFECT A 04:15.500 --> 04:22.033 align:start position:10% line:74% size:72.5% DISCOUNTED VALUATION BACK FOR 04:18.333 --> 04:23.833 align:start position:10% line:74% size:75% THE FUTURE CASH FLOWS IF RATES 04:19.933 --> 04:25.700 align:start position:10% line:74% size:65% GO UP THAT CHALLENGES THAT 04:22.033 --> 04:26.033 align:start position:10% line:74% size:77.5% LONG-TERM VALUATION LEVEL WHICH 04:23.833 --> 04:28.000 align:start position:10% line:74% size:62.5% IMPACTS TECHNOLOGY AT THE 04:25.700 --> 04:28.366 align:start position:10% line:74% size:17.5% MARGIN. 04:26.033 --> 04:30.433 align:start position:10% line:74% size:70% WHAT WE'RE SEEING LEADING TO 04:28.000 --> 04:31.166 align:start position:10% line:74% size:22.5% DOWNSIDE. 04:28.366 --> 04:32.566 align:start position:10% line:74% size:72.5% THAT IS THE RISK WITH THE FED 04:30.433 --> 04:36.033 align:start position:10% line:74% size:35% AND INFLATION. 04:31.166 --> 04:37.533 align:start position:10% line:74% size:72.5% THE CONCERN FOR THE MARKET IS 04:32.566 --> 04:39.200 align:start position:10% line:74% size:72.5% THAT THE FED GOES TOO FAR TOO 04:36.033 --> 04:41.900 align:start position:10% line:74% size:45% FAST AND TOO HIGH. 04:37.533 --> 04:43.000 align:start position:10% line:74% size:62.5% I THINK AS LEE SAID WE'RE 04:39.200 --> 04:45.100 align:start position:10% line:74% size:80% PROBABLY AT THE PEAK HAWKISHNESS 04:41.900 --> 04:46.800 align:start position:10% line:74% size:25% RIGHT NOW. 04:43.000 --> 04:47.133 align:start position:10% line:74% size:60% WE SHOULD SEE THIS STUFF 04:45.100 --> 04:48.533 align:start position:10% line:74% size:80% RETRENCH IN THE COMING WEEKS AND 04:46.800 --> 04:49.266 align:start position:10% line:74% size:17.5% MONTHS. 04:47.133 --> 04:52.266 align:start position:10% line:74% size:75% AFTER THE MEETING THIS WEEK IN 04:48.533 --> 04:54.733 align:start position:10% line:74% size:27.5% PARTICULAR. 04:49.266 --> 04:56.566 align:start position:10% line:74% size:67.5% >> LEE BAKER WHAT ABOUT THE 04:52.266 --> 04:58.533 align:start position:10% line:74% size:77.5% GEOPOLITICAL FACTORS, A PENDING 04:54.733 --> 05:00.000 align:start position:10% line:74% size:80% MILITARY ACTION ON THE BORDER OF 04:56.566 --> 05:00.433 align:start position:10% line:74% size:47.5% UKRAINE AND RUSSIA. 04:58.533 --> 05:03.000 align:start position:10% line:74% size:65% THE OMICRON VARIANT OF THE 05:00.000 --> 05:05.866 align:start position:10% line:74% size:30% CORONAVIRUS. 05:00.433 --> 05:07.233 align:start position:10% line:74% size:67.5% HOW BIG A FACTOR ARE THESE? 05:03.000 --> 05:09.366 align:start position:10% line:74% size:70% >> I THINK THOSE FACTORS ARE 05:05.866 --> 05:11.000 align:start position:10% line:74% size:32.5% FAIRLY LARGE. 05:07.233 --> 05:13.300 align:start position:10% line:74% size:72.5% PARTICULARLY THE GEOPOLITICAL 05:09.366 --> 05:14.966 align:start position:10% line:74% size:60% WITH RUSSIA AND UKRAINE. 05:11.000 --> 05:16.966 align:start position:10% line:74% size:75% ANYTIME YOU'VE GOT THE SPECTER 05:13.300 --> 05:18.400 align:start position:10% line:74% size:77.5% OF POTENTIAL MILITARY ACTION ON 05:14.966 --> 05:21.033 align:start position:10% line:74% size:80% A LARGE SCALE, THAT MAKES PEOPLE 05:16.966 --> 05:22.566 align:start position:10% line:74% size:75% NERVOUS BECAUSE YOU DON'T KNOW 05:18.400 --> 05:23.966 align:start position:10% line:74% size:80% HOW ALL THE DOWNHILLS WILL FALL. 05:21.033 --> 05:25.366 align:start position:10% line:74% size:67.5% AND ONE OF THE THINGS WE'VE 05:22.566 --> 05:28.500 align:start position:10% line:74% size:70% LEARNED THROUGH THE YEARS IS 05:23.966 --> 05:30.466 align:start position:10% line:74% size:57.5% MARKETS LIKE CERTAINTY. 05:25.366 --> 05:32.733 align:start position:10% line:74% size:80% WELL, IF YOU ARE BRINGING IN THE 05:28.500 --> 05:34.966 align:start position:10% line:74% size:80% SPECTER IF YOU WILL OF DOES THIS 05:30.466 --> 05:36.300 align:start position:10% line:74% size:72.5% THING WITH RUSSIA AND UKRAINE 05:32.733 --> 05:36.666 align:start position:10% line:74% size:67.5% END UP BEING SOMETHING BIG? 05:34.966 --> 05:38.166 align:start position:10% line:74% size:57.5% DOES IT SPREAD TO OTHER 05:36.300 --> 05:38.533 align:start position:10% line:74% size:25% COUNTRIES? 05:36.666 --> 05:40.266 align:start position:10% line:74% size:65% HOW DO OTHER COUNTRIES GET 05:38.166 --> 05:42.866 align:start position:10% line:74% size:22.5% INVOLVED? 05:38.533 --> 05:43.600 align:start position:10% line:74% size:80% THAT IS A LOT OF UNCERTAINTY AND 05:40.266 --> 05:47.033 align:start position:10% line:74% size:80% THE MARKETS JUST DON'T LIKE THAT 05:42.866 --> 05:49.033 align:start position:10% line:74% size:30% UNCERTAINTY. 05:43.600 --> 05:51.233 align:start position:10% line:74% size:72.5% NOW, ON THE COVID FRONT GIVES 05:47.033 --> 05:52.833 align:start position:10% line:74% size:75% PEOPLE HOPE OR BELIEVE PERHAPS 05:49.033 --> 05:55.866 align:start position:10% line:74% size:77.5% OMICRON IS THE BEGINNING OF THE 05:51.233 --> 05:56.666 align:start position:10% line:74% size:60% END, IF YOU WILL, TO THE 05:52.833 --> 05:58.766 align:start position:10% line:74% size:67.5% TRANSITION FROM PANDEMIC TO 05:55.866 --> 06:01.633 align:start position:10% line:74% size:20% ENDEMIC. 05:56.666 --> 06:05.633 align:start position:10% line:74% size:80% BUT IF THERE COMES ALONG ANOTHER 05:58.766 --> 06:07.533 align:start position:10% line:74% size:80% VARIANT THAT IS AS TRANSMISSIBLE 06:01.633 --> 06:08.366 align:start position:10% line:74% size:67.5% AS OMICRON BUT AS DEADLY OR 06:05.633 --> 06:09.766 align:start position:10% line:74% size:80% SICKENING AS DELTA THEN ALL BETS 06:07.533 --> 06:11.433 align:start position:10% line:74% size:20% ARE OFF. 06:08.366 --> 06:16.066 align:start position:10% line:74% size:80% >> MICHAEL STRITCH WE HAVE A FEW 06:09.766 --> 06:18.666 align:start position:10% line:74% size:77.5% SECONDS LEFT WHAT ABOUT CRYPTO? 06:11.433 --> 06:20.233 align:start position:10% line:74% size:77.5% A LOT OF THE CRYPTOCURRENCY ARE 06:16.066 --> 06:21.166 align:start position:10% line:74% size:67.5% WORRIED OF THE FREE FALL OF 06:18.666 --> 06:21.600 align:start position:10% line:74% size:67.5% BITCOIN IS THIS PART OF THE 06:20.233 --> 06:25.933 align:start position:10% line:74% size:45% NORMAL VOLATILITY? 06:21.166 --> 06:26.266 align:start position:10% line:74% size:22.5% >> IT IS. 06:21.600 --> 06:29.466 align:start position:10% line:74% size:77.5% THAT IS THE SEGMENT MUCH LONGER 06:25.933 --> 06:30.533 align:start position:10% line:74% size:20% SESSION. 06:26.266 --> 06:33.800 align:start position:10% line:74% size:57.5% CRYPTO IS A SPECULATIVE 06:29.466 --> 06:35.200 align:start position:10% line:74% size:72.5% TECHNOLOGY THERE IS CRYPTO IS 06:30.533 --> 06:36.566 align:start position:10% line:74% size:80% FRONT AND CENTER IN THAT REGARD. 06:33.800 --> 06:38.166 align:start position:10% line:74% size:75% I EXPECT MORE PRESSURE IN THAT 06:35.200 --> 06:39.800 align:start position:10% line:74% size:75% SEGMENT IN THE FUTURE AS WELL. 06:36.566 --> 06:41.133 align:start position:10% line:74% size:80% >> AND THAT CERTAINLY IS A TOPIC 06:38.166 --> 06:42.600 align:start position:10% line:74% size:80% FOR ANOTHER DAY AND WE THANK LEE