the ceoe first time also got a raise. going back to bonds, there's something that caught my eye. japan's longest bond, so basically joined the rest. -- 40 year yield tom: it is an interesting time here at -- interesting time. shahab jalinoos joining us. let's look at gold right now. we haven't done this chart in ages. this is one of my most famous charts. inflation adjusted gold. down we go, long-term gold declines. i am passing my book with a brilliant -- this. d of gold currency. go and here is this very quiet rebound. isn't that the end of the bear market? i do not have an opinion. francine lacqua does not have an opinion. james steel does. we'll talk about that later. there is the effervescence, francine, of gold over 30 years. francine: yet. a -- weat gold, we had had an exchange strategist facing it is all playing out in gold. shanghai, the stock exchange fell 6%. you need to see how you price risk and exactly what that means for investment and whether we should be more worried. let's get to our guest host for -- hour, he is rick like i he is rick lacaille. great to have yo

ceoe is a risk if you are a or a coo, you have an inbuilt risk of brexit word trade. -- or trade. --stic, analysts are too optimistic. consensus has about 10% earn dust earnings growth next year. scope.s no nejra: i was reading a story on the bloomberg saying analysts arc cutting their estimates -- are cutting their estimates. typical.it is i think it is a worry that you have this phenomenon. expensesthrow all your in and the guidance will be questionable given the backdrop. the last four earnings seasons for the u.s., the s&p has fallen. has not performed well. nejra: the point you make about companies hiding behind trade seek outt, how do you the companies to buy or sell? patrick: we are looking for laggards. companies are trading on 10% to 20 per -- percent. aversion moment in yen revenues. u.s. health care has political risk and is trading in multiples below the s&p 500. if we get a democratic president , rhetoric will be harsher than policy. forink the worst case is the health care stocks. nejra: great to have you with us for this hour. bloomberg "surveillance" continues in the

lufthansa ceoe to in berlin. >> short-term we tend to be hedged in a better way than most competitorsrs. will be goodices for the industry longer-term. >> that is your bloomberg business flash. tom: thank you so much. single best chart. this goes to international investment. we steal a chart. this is a chart. nejra: what a date to be alive. tom: this is the j.p. morgan asia index. they are doing better than the emerging market index down here with nice delta. this brings up the idea that if you're going to be in international investments, you have to hedge currency exposure. i think that's a great way to lose money. >> i agree with you. you have to think about your portfolio and decide whether it is important. if you had a choice to hedge your emerging market currency exposure, you probably wouldn't at this juncture. dollar strength has been the theme for the last couple of abate andnow going to we get a weakening trend. the whole idea of having a global portfolio is to blend all of this together and deal with the cyclicality of emerging and developed markets in a cogent way. nejra: d

co-chair, ceoe and founder of farfetch. zuma versus the anc.the impact of the south african president's standoff with his own party. we are live to cape town, next. is bloomberg. ♪ francine: this is "bloomberg surveillance," and i'm anna edwards. let's talk a little bit about oil. ve alwaysits allies ha achieved their goal of clearing and oil glut. but their efforts could be derailed by the united states and other rivals. crude has rebounded and is trading $59 a barrel after falling 10% last week, dragged it down, and then bouncing up once again. with more, we speak with emery boar. why isn't oil rallying, then? i guess, it's being treated like a risk asset, isn't it? u.s. futures are pointing down. reporter: exactly. over the last two days, with some risk assets be swept up a bit, but not so much for oil. you would think that with the i.a. save the glut is almost clear, we would stabilize prices, but it is going to be shale versus opec. the shale company is able to deliver even more now as we have those recovering prices and opec production is

ceoe think that the portion that that the porsche ceo is the right person?ons: there has been a lot of emphasis on the personnel aspect of the story. we do believe it could be matthaeus mueller. if you think volkswagen needs to follow bob dylan's example and go electric, matthaeus mueller may be the guy to do it. but on the policy side -- and i think that's more important -- i think we are looking both forward and backward. forward in what volkswagen wants to do. how are they going to compete in america, globally, and how will they clean up this regulatory mess? looking backwards, hopefully we will get some numbers on where they are, what sort of exposure they have, what they may be setting aside, how big of a challenge and how deep of a hole they think they will have to dig out. i am moreys interested in the policies. francine? that, theon provision, 6.5 billion, it is unlikely that will be enough. more research says they will have to put aside more. this is a huge scandal. : we have 27 states attorneys general, potential criminal liability in the states as