and sweeney, john gerner lori heinel.

sweeney. us over the phone is john o'donoghue. great to have you with us. waves or facebook and investors when you downgraded your outlook to mixed. what you make of the numbers? anything that changes your views on downgrading this stock? john: good afternoon everybody into my old colleague, mr. sweeney, hello. say we don't put ratings on stocks, but read's come and the reason we do that is we do not do financial analysis. is methodology for our firm deep sources. in our findings we went from a positive rate to a mixed read, at may be semantics on the street. what we did find was first quarter at spending still to 25% for the first quarter of 2017, and as i looked i see the stock trading 167-168. however, on the positive side, pricing metrics are solid for the company. -- ad spent is still robust. as you mentioned earlier before you want to write, instagram is -- doing well. there are a few things that happened, but the removal of third-party data providers, and algorithm changes which occur before mr. zuckerberg's testimony caused a slowdown in spending. i

and sweeney, john gerner lori heinel.ter the company announces its reports. coming up, what companies are doing to boost diversity in and room. the board and as you commute in, you can tune into tom keene and jonathan ferro. surveillance is heard in washington, d.c., the bay area and across the states. this is bloomberg. ♪ this is bloomberg. ♪ kailey: this is bloomberg daybreak and i'm in the hewlett-packard enterprise green room. coming up in the next hour, muhammad ali and -- mohamed -- mohamednd el-erian. david w.: a record number of statehave stepped up for races. it is a reflection to a certain extent of the reaction to donald trump's election. many of these women tell us they expected hillary clinton to win they felthe did not, it is important for them to step up and take charge. thatis story makes clear there is no guarantee that women are going to dominate the wind count -- the wind count. is the.: that interesting thing. what happens to the composition of the house? >> it is still up for grabs. trump supporters,

john. >> paul sweeney is here. he runs bloomberg industries and is a senior analyst covering media.out that a lot of the attention is on the younger, more at vanguard tech guys. those older media execs still have big wallets with which to spend. do people look at sun valley is the place where deals are born? what kinds of deals might be born there this year? >> one of the things we will probably see is a lot of people in the content side of the business will have to have conversations this year. what we have seen over the last several months is a lot of consolidation. if you are a content producer, a cable network, you need to step back and say, it looks like the distributors have up their leverage as we go through our -- >> who are we talking about? >> some of the smaller cable networks trade -- networks, like amc. are of these companies that fully profitable in and of themselves, but as they step back and think about who their quote unquote partners are on the distribution side, they recognize the balance of power might be getting out of whack. jowly media titans -- are they intox

john who you saw in the movie and john dolan and joe sweeney and all of the victims and survivors thatept me working as hard as i could in 9/11enate on behalf of of families and our first responders who got sick because of their time at ground zero. i was thinking of laura, debbie, and all of the others 10 years later in the white house situation room when president obama made the courageous decision that finally brought osama bin laden to justice. and in this campaign, i have met many more people that have motivated me to fight for change. with your help, i will care he of your voices and stories with me to the white house. and you heard from republicans and independents who are supporting our campaign. i will be a president for democrats, republicans, independents, for the struggling, the striving, the successful. me all of those who vote for , and for all of those who don't. for all of americans together. [applause] tonight, we have reached a milestone in our nation's march towards a more perfect union. the first time that a major party has dominated -- has nominated a woman for pre

congratulations on breaking that story, alex sherman and paul sweeney. >> john boehner has a problem.ets to work, a new one, and it comes from republicans. ♪ >> the showdown over keystone. the republican-controlled congress is promising an early vote on the pipeline project. >> all the treachery, violence and sex you could want on a big screen. "game of thrones" is coming to imax. ♪ >> live from bloomberg headquarters in new york, it is "market makers" with eric schatzker and stephanie ruhle. >> welcome back to "market makers." i'm stephanie ruhle. >> i am erik schatzker. enter is coming to imax. they are teaming up with hbo to bring "gains of thrones -- game of thrones" to the big screen. the ceo of imax is here with me and stephanie. >> i am afraid of "game of thrones" that close. >> the production quality is so great, when we tested it, when we saw it, the dragons flying at you, it is pretty intense. >> rich, how did this come together? >> we have low level discussion saying your brand is cool, our brand is cool. is there some project we should do together? the creators of game of

. >> john, thank you so much. is all sweeney, he is head of strategy at j.p.organ asset management. first of all, i want to kick off with earnings in general. we hear from and none for guest, from on -- we heard -- hopefully -- currency volatility should equal out in the wrong in the long run -- in the long run. clearly, you can't close volatility in the short term. >> you pick asset classes, but you also pick them in the longer-term. >> 10 years plus, usually. >> you like really -- you like infrastructure and real estate. real estate where? feelsms that london expensive. >> it depends on what you want out of an asset class. if you're looking for income, then you should be close to home. you want to be investing in things which are producing a good solid income stream, which is close to your own domestic currency and reflects your domestic inflation rates. if you are investing for growth, you might want to invest in more speculative real estate projects. look att want to emerging market currencies. in thing about infrastructure and real estate is we talk about

. >> we talked to johns hopkins yesterday, paul sweeney and i, and it was something to talk to somebodyher time about this. what is the efficacy of going back to look at these horrific skeletons in the closet from three years ago? it's a huge debate. at the same time, if this is correct, it is still appalling, if it leaked out. >> what is amazing about this is the amount of different agencies across the u.s. government that have different views. the journal spoke to that. the energy department and fbi said the virus likely spread via a mishap. the wall street journal says four other agencies and a national intelligence panel judge it was the result of natural transmission, two undecided. what do you say about this? >> you need more information. perhaps this is a way to lobby for more access to some of the facilities in china, but i don't know the answer. the question is, how is it leaking out in this capacity? and what is the consequence of that from a policy perspective? >> you are dead on. what is the goal? i remember being in washington as treasury secretary henry paulson had the fir

sweeney. coming up, we will be sitting down with secretary of state john kerry.ith the new energy finance summit. we'll get the take on clean energy and how climate is tied to national security. mark: i am mark barton. betty: i am betty liu in new york. the future of energy summit is underway here. my colleagues at the grand hyatt with a very special guest. thank you. we are joined by the u.s. secretary of state john kerry. our would like what the potential partnership between the private actor in a government with the climate change. what are you asking the private sector to do? >> make energy conscious decisions and her business. choices, we their actually have energy. move into an energy-based economy. be significant in terms of submissions and all the climate. it is the greatest economic opportunity the world is looking at today. millions of jobs to be created in macon's energy conscious decisions. by the way, when you power the plant more efficiently, you can say millions of dollars. >> are our ceos missing the boat? increasingly, major companies in the coun

on john skipper and espn, let me bring in paul sweeney. he covers all things media.on this. they paid triple what they paid earlier primarily because they've got no competitors on their heels? >> i think this really shocked the sports community which is hard to do these days. 50% rights come up, increases, 60% increases but to see a triple off of a smaller base was really extraordinary. thatghlights the value networks are putting on sports as they try to maintain their audience. little bit of a defensive play in my mind. for the first time in the history of the espn network, there is a viable cable competitor in the marketplace and that is fox sports1, rupert murdoch who has deep pockets and is willing to spend a long time to build a business. andsports was out there interested in this product as was nbc sports network. >> can they make the economics work here? >> i don't think so. and you think about sports programming, it is been a long time since a network would come out and say we make a lot of money on sports. they hope to more or less breakeven and the use it a

john bolton, former u.s. national security advisor, speaking with tom keene and paul sweeney.t in belarus, torrey clark joins me now. why is belarus so important to russia and then to russia and the u.s.? well, as we heard just there, russia does see belarus as a buffer between it and nato encroachment. nato has been expanding to the east. and belarus porters three -- borders three nato countries and russia. ally, sometimes a troublesome ally, but lukashenko has been in power for 26 years and is a known factor to russia. alix: is this a ukraine situation, where russia will think it has a mandate to go in and push, or is this a different sort of set up domestically? torrey: it is hard to say right now. makea has offered to assistance available under existing -- it is not clear how that would work out in these alliances. you have other partners, for the wording is, we understand, assistance would be provided if there is outside intervention into voters. this is a domestic issue in belarus. we have not seen strong indications that russia is planning to get involved in a domestic

john will cover those on the open. look for that on bloomberg television when paul sweeney and i hold court on bloomberg radio.ific rim showing sustained courtesy -- currency strength going back to the first of the year. kevin cirilli joins us. how does the former president affect trump plus working out of mar-a-lago? kevin cash i think we -- >> i think we in the media over complicate this. tom: what's he going to do? >> it's fascinating to watch the media do this. you've got 10 republicans who voted for impeachment. the former president will likely primary those folks with some type of outside money movement pack. you've got other potential raises. some states have been in the news recently where you could foresee some former trop -- top trump agency officials running. the former president could be a kingmaker. i've spoken with sources directly close to the former president over the weekend and if you look at the issue of election integrity, he's not going to back down on that. republicans can criticize the notion of what went down for how he wrongfully accused there of being election invalidity without evide

abigail: lots of news and as you mentioned, john skipper of -- of espn stepping down for substance abuse. andas had a great career disney is grateful. paul sweeneyg that espn is much more than just the ceo. while this is hugely high profile, it is not that big a deal for the stock and we see that in the stock, not really doing much. it is aboutdisney, 30% of their operating income. investors and consumers are going away from watching cable. how do they fight that? they have two plans. thatare creating an app will go on the people's phones so they can basically watch sports all the time. that will happen in 2019. doing the same thing for some of the disney products in film and tv as well. this is a big profile headline but bottom line, it seems unlikely to hurt numbers. and george bodenheimer is going to take over for now. abigail: it would seem to be the case. the other big piece of news around disney, the acquisition of some of those fox assets. it is clear they are aggressive and both on the offense of and defensive against the likes of alphabet and apple to make sure they get the job done at the end of the day to create that content direct to

john malone recognizes this will be a very valuable business going forward. hence, the big investment in the industry. angie: all right, bloomberg paul sweeney.et's stick with it. time warner was the biggest mover on wall street, getting more than 12% at one point on that takeover news despite a rotter slumped on the s&p 500. let's get more of the market news. bloomberg's su keenan is joining us from new york. bigthe stronger dollar a part of this, driving stocks and the dollar lower, thomas added eight-year high against the yen on that stronger than forecasted economic data. everything from housing to manufacturing to consumer confidence coming in ahead of estimates, and that boosted the case for higher interest rates. debtor for the economy is worse for the market in the short term in terms of the trading because of the interest-rate outlook. now, we saw gold fall. and we have morgan stanley forecasting that a stronger dollar will continue to pressure oil prices and energy as a whole. and it was a down day. apple, hewlett-packard, google all falling aztec came under pressure on the economic front. to take a closer look -- all falling as tec

sweeney and jon erlichman. jon, you were at sun valley last year when john made those remarks. did he have a few drinks?s always the best time. i recall john malone talking big picture about the fact that these days the reason the consolidation makes sense is you are not just taking on another telco or cable company. you are taking on facebook or any large online player that has a global presence. we have got to be able to do these kinds of deals. he has all sorts of different players and deals can be good for him. ergen ishink charlie someone who would have always been interested in doing a deal like this. there has always been hence of this happening, for a decade. >> charlie was not at sun valley. does he get invited? >> he gets invited but i'm not sure how often he shows up, that is not his crowd. you can argue that the list of --ger partners is gradually actually very quickly shrinking. charlie is not too concerned. the stock is hanging in there. charlie has a couple things that are going to be attracted to partners at any time -- one is 14 million subscribers paying cash every month. a lot of cash

sweeney, thank you so much. ceo of steinway. just recently sold to john paulson. much more coming up on "bloomberg surveillance." point $5r, four trillion. u.s. stock market capitalizations of far in 2013 $4.5 trillion. we are streaming on your tablet, your phone, and bloomberg.com. ♪ >> good morning, everyone. "bloomberg surveillance." i'm tom keene. alix steel and scarlet fu are with me. here are the headlines with alix steel. >> in the ukraine rightly stormed independence square to dismantle a camp built by protesters, despite please by western diplomats for the government to not use force. the demonstrations began almost three weeks ago when the country's president rejected a trade agreement with the eu. to bidfricans have begun farewell to nelson mandela. his body will lie in state the next three days in pretoria. the government expects as many as 2000 people and our will file past his casket. his body will be transported saturday to a village where he spent part of his childhood. mandela's funeral will take place sunday. david ortiz has been named the major

john malone. it really allows comcast to demonstrate that they are willing to -- >> not be the big fish. this has been the problem. sweeneye warner together, they are huge. they had to do this. they had to offer something. >> that's right. they had to offer to the regulators. this gets them below the magical 30% threshold. today's deal is a very eligible way, a tax efficient way to sell 3 million customers. >> do this to get a good price? >> it is a good price. the multiple is a little bit over seven times. it was a deal the kind of had to happen. are a lot of tax efficiencies here for comcast. it was really done to appease the regulators. early.d it very all of the state regulators and federal regulators know. it's still a monopoly? at the end of the day, time warner and comcast, the two most hated cable companies in america joining forces. they're going to be gigantic. can't you still question the monopoly issue? >> the structure of the industry two of the allow larger companies to come together and control some of the major markets like new york and philadelphia and most of los angeles. we have a new management team at

john malone's liberty qvc is , the amountf hsn that it already does not own. the director of north american research paul sweeneyom princeton for more on the deal. explain to us what is going on with the deal. i look at the numbers and it is creating the third-largest e-commerce company in the united states. aul: this is really an defensive move by john malone and liberty to consolidate its two home shopping companies, the two dominant players in that side of the retail business. as e-commerce has grown, as cord cutting has reduced the pay tv households that typically watch the home shopping network's and qvc, these dynamics have created a challenging environment for these networks. sales growthn slowed dramatically over the last several years. what we are seeing here is john malone the saying let's bring these companies together, let's create some scale on home shopping side of the business, so we can perhaps compete better with some of the e-commerce sites like amazon and walmart, and we can reinvest more into the e-commerce side of their business. scarlet: i like how you put it, a defensive move because of th

sweeney of credit suisse with us. coming up, we drive forward the conversation, bill gross, mystery guest and will join us, and an important conversation with gary cohn. somehow, i think the essay of john ♪ one of the great joys of james sweeney i credit suisse is a balanced approach. joining us now on the disasters of houston, he goes on to say the "largest impact will be the energy infrastructure." where is the optimism coming from? is not optimism, that is just a fact about economic indicators. let's separate the human from the numbers. we will see initial claims, retail sales should be hit, and we have reduced our gdp forecast one percent, 50 basis points -- tom: for the nation? james: yes, for the next two quarters. you should see the indicators rebounding. gdp, a lovely rebound should be back in the first two quarters of next year. guy: james, you are looking at pictures of decimated highways underwater. when you tell me kind of numbers you think will be required to pick some of the stuff in your model, how toc those models change when it comes to gdp growth, etc.? will: i do not think judy be able to count for the depreciation of physical capital you get from this kind of disast

sweeney, thank you. he is a senior media analyst for bloomberg intelligence. let's check in with bloomberg first word news. emma: president trump says retired marine general johnelly will do a fantastic job as white house chief of staff. the former home of security secretary was sworn in earlier today. kelly replaces reince priebus. he will have one thing that he never did, the backing of the president's daughter ivanka and her husband jared kushner. to reduce staff as diplomatic missions in russia by almost two thirds. that is 755 people. it is in response to the sanctions imposed by congress. president vladimir putin says he's up there is no further need for retaliation. china is betting that president trump carryout -- carrie out his threat toward north korea. the top american general called south korean counterparts to discuss a potential military response. and on capitol hill, republicans may have to choose between concealing another health bill or pushing to tax reform. there is no time to do both. to make matters worse, there are some must do items in september. congress must find the government at the end of the month and also lift the debt ceiling. gl

sweeney. he joins us from princeton. a spy to us what is charters strategy. paul: to get bigger. johntake in charter about two years ago with the stated strategy of consolidating further the u.s. cable tv business by investment in charter. since then, charter has been active, making a run at time warner cable. they got beat out by comcast and ideal is still pending in front of the regulators. harter will also get a piece of some of the divested assets coming out of the top gas, time warner cable deal. -- comcast. this is another deal for charter as they continue to consolidate the cable tv business along with comcast. in 2014, we saw the beginnings of a consolidation of a tv and it will continue in 2015. matt: are regulators going to have a lighter touch with these cable companies since they have introduced that neutrality? paul: in theory, yes, but this deal has gone through a tremendous amount of regulatory review. it has been -- the closing has been delay comcast announced they are postponing the closing of this deal. they originally said the first quarter of 2015, and now looks li

sweeney, head of bloomberg industries research. he has covered the media industry since time began. what we are looking at is john malone. dominant and destruct the voice. he missed on time warner cable and sirius and xm. as he lost financial magic question mark who is john malone? why is he important? >> he is really one of the fathers of the u.s. cable television industry. forefront folks in the cable business, along with the roberts family of comcast. he was a big consolidation of the cable industry in the 1980's and the 1990's. he sold out to at&t. he shifted his focus at that point over to europe, and has now been effectively consolidating the european cable and telecommunications business through liberty media. he has been very active both here in the u.s. and internationally. >> is he missing these deals, or is he lucky he is missing these deals? >> we have to see. it was a very audacious bid on behalf of charter communications, of which john malone and liberty on 27%. a bid for a relatively small cable company to make a bid for time warner cable, which is about three times the size of charter. what he did was rea

sweeney of bloomberg intelligence, thank you for joining us. coming up later, john. this is bloomberg. ♪ who knew that phones would start doing everything? entertaining us, getting us back on track, and finding us dates. phones really have changed. so why hasn't the way we pay for them? introducing xfinity mobile. you only pay for data and can easily switch between pay per gig and unlimited. no one else lets you do that. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit or go to xfinitymobile.com. ♪ jonathan: this is "bloomberg daybreak." i am jonathan ferro. highs butf record muted gains through the week concluding with a muted price again over the weekend as well. in europe, not much happening. the dax a little firmer. one part german politics for the euro. another part economic data out of germany. confidence down for another pulling back from the record high earlier in the year. treasury yields unchanged on the day. riggshead over to taylor for headlines around the business wo

john hennessy. joe: former president of stanford university. he was on the board, he has been involved in qualcomm. very much in the scene. julia: thank you so much, paul sweeneyver -- lee grover. they are both here staying with analyze thetinue to tech earnings. scarlet: also crossing bloomberg, amgen's results. adjusted analyze earnings per sf $2.89. $3.03.s were looking for there is likely some tax issue planes in. the stock is down 3.3%. this is bloomberg. ♪ ♪ mark: i'm mark crumpton with first word news. and west virginia president trump -- in west virginia, president trump urged republicans to hold their ground on immigration. the president said a bill is in the works that will protect the dreamers. new legislation will not come at american's expense. >> the senate is planning to bring an immigration bill to the floor in the coming weeks. i'm asking that the framework we submitted, great flexibility, working with both parties. something very positive will come out of it for our country. mark: protection for the dreamers is set to expire march 5. the president asked for a compromise. they run ford losing seats in the midterms if they don't. bob goodlatte

paul sweeney joins us now to discuss the deal. one way to look at this is johns his way. shown time anden time again to be very long-term, very patient. he has said that he believes that the content side of the media business is going to consolidate. we saw a lot of consolidation on the distribution side over the last several years. comcast trying to buy time warner cable. at&t bought directv. john malone has been saying on the flip side, we need to see so these media companies get together and even the playing field. david: lions gate is the producer of content, although they have struggled with movies recently. z is the distributor. why does taking these companies and putting them together make them stronger? just putting these two companies together puts them in a better position to both develop their own programming and then to acquire programming from other third parties to put on starz and into the theaters. consolidation on the content side is just beginning. i think we will see more of it. viacom may be a company in play and we will have to see how that

john hudak, greatly appreciated on this historic day, as greg v end of an era. james sweeneyove the capital impulse -- make deficits great again. where is the fiscal responsibility? -- i mean, it is going to boost growth in the short-term. tom: how much? james: 2.5%, 2.6% -- tom: how much? james: not much. 2.5ish to a a 2.7ish. why can't we go to a trumpian 3%? james: the trade deficit will get bigger, it is a gets bigger, it will pick up. this tax plan in general is going to drive a significant pickup in business investment. there is significant trade deficit linked to that for we have a trade deficit in capital goods. the most important economic dynamic we have heard this week. here is the formula for gdp. i will move it over here behind the wonderful freedom tower downtown. here is the domestic calculus. onto it is the international dynamic. the president is going to get his domestic calculus, but he is going to lose the international impulse, right? james: yeah, as businesses are investing, investment is definitely up. over the last 10, 15 years, a lot of the supply chain

sweeney joins us. head of alteese decided to make this transaction, a bit of a cable cowboy and john malone.blevision is one of the oldest and arguably most bible in the united states and dominates the metro new york area, so it has been an attractive asset for a long time. there has been speculation that cablevision would be sold in the wake of consolidation in the cable-tv business but they see this as a major addition to the u.s. operations. this deal makes in the fourth largest operator. brendan: john malone is really the model for buying other regulatory environments because regulations make such a huge difference. whatis the difference of goes right and what goes wrong in an acquisition in a market that you might not understand? regulated is highly so a lot of review because consolidation is going on. his ml has really been -- m.o. is like john, john malone was his mentor. highly leveraged transaction would debt on their but it is ok because the cable television has a lot of cash flow and support direct -- that. -- supports that. vonnie: what about liberty global? paul: liberty global

sweeney at 6:00 a.m. new york. tom will be talking about treasuries. it is the year we day. that is why john , to talk about credibility, the bank of england, and pound levels. this is what i am looking at when it comes to asset classes. shifts in the boe debate to rates. treasuries are flat. ♪ ♪ the fog of new york. cheers from the boston red sox, last night the red sox won, until the eighth-inning. yankees, two in a row. fortunately bloomberg has a wonderful mental health package for me as well. it is part of our full benefit coverage in america. red sox therapy. francine: i learned so much. audience, thebal red sox are a baseball team in second place. let's go to a first-place first word news. thankedpresident trump kim jong-un for releasing three americans detained. the president welcomed the men early today after they flew on a military plane to join race enters your washington. he was optimistic about the chances of a successful meeting with kim. >> i really think we have a very good chance of doing something meaningful. if anybody would have said that -- five years ago, 10 years ago -

sweeney, thank you so much for that. up, california -- immigration. los angeles mayor joining us with more on how the golden state is taking action. this is bloomberg. ♪ johnbloomberg markets. i am jon erlichman in toronto. shery ahn: i'm shery ahn in new york. a federal judge has temporarily halted deportations of families recently reunited after being separated at the border by the trump administration'zero-tolerance immigration policy. this comes as a federal judge in los angeles also dealt a blow, reaffirming california passes right to pass two of its three controversial sanctuary city laws. been on thest has frontlines of the heated immigration debate taking part in protests in its own city of los angeles and legislation efforts. joining us now is the democratic los angeles mayor eric garcetti. you for your time. first, your reaction to the court decision and what needs to be done next. >> thank you. great to be with you. the decision reaffirmed -- three aom selling on the ground -- broken system that this administration has taken a hammer to. principles of keeping families together and making sure we are full of humanity and abiding by the constituti

john malone of liberty global said, we are going to retrench and focus on the core markets in the u k and switzerland. tom: paul sweeney our emerging-market board across all of bloomberg, bloomberg.com, and our foreign exchange team today. we will continue to monitor these events. the turkish lira improves. an economy meeting today. ♪ ♪ >> the united states will withdraw from the iran nuclear deal. alix: no deal, the u.s. pulls out of the iran nuclear deal, raising the possibility of new sanctions as oil hits a three-year high. treasury gets set to issue the most 10-year debt in yields desk in years with yields. walmart gets upstaged. david: welcome to bloomberg "daybreak." i am david westin here with alix steel. alix: i read the whole treasury statement and i found it really fascinating. we are seeing reverberations in the market. s&p futures up by 11 points. the dollar stronger, at one point the highest in four months. .he euro climbing up 1/10 of 1% still a lot of longs on the eu.

paul sweeney and romaine bostick your doing our sino cast on bloomberg radio and tv -- our simulcast on bloomberg radio and tv. 2022, a big driver for what happens in the market. johnn a moment. this is bloomberg. ♪ s bloomberg. ♪ ♪ paul: we are back with your "bloomberg markets" special edition. we are simulcast bloomberg radio and television. paul sweeney and romaine bostick in new york city. kind of a wishy-washy day in the market, not a lot of direction. that is ok. light volume, a little move up in the dow. 10 year treasury are moving up, finally giving a lift up five basis points to 1.53%. it has been steady on rates he much the last four to six months. romaine: and a little repositioning going on here. a slight selloff on the longer end of the curve. kind of the story that has been dominating this market really for the last couple weeks, that is the story today, just with lighter volume. paul: let's head to washington, d.c. congress is out of session and will be coming back soon but there is a lot going on down there and a lot of things that will happen in d.c. will have an impact on markets in 2022. that's get a handle on those. we do that with eurasia mana