these maller companies are getting a huge benefit having to see a tax rate, a corporate rate go from almost 40% to 21%. but it's the large caps today that you say you're fieping opportunity. tell me how the dollar fits into that, joel. as the dollar traded up, that's a negative for these international companies but of course we've seen such volatility and most recently the dow is down do you think that continues? >> really we don't think about the world that way. we're looking more long term. you know, we're looking for earnings over years. and the dollar is not too far out of line with other currencies, if you look at a long term perspective. what it's going to do in the short term, there aren't many people good at predicting that. we're looking at earnings over the next five to ten years. and what happens in the short term is not going to affect us. maria: okay. >> some of the large cap companies have a lot of international business, some don't. maria: yeah, i think you're actually right. and a lot of people recently have been talking about the emerging marketing creating an opport

these maller companies are getting a huge benefit having to see a tax rate, a corporate rate go from almost 40% to 21%. but it's the large caps today that you say you're fieping opportunity. tell me how the dollar fits into that, joel. as the dollar traded up, that's a negative for these international companies but of course we've seen such volatility and most recently the dow is down do you think that continues? >> really we don't think about the world that way. we're looking more long term. you know, we're looking for earnings over years. and the dollar is not too far out of line with other currencies, if you look at a long term perspective. what it's going to do in the short term, there aren't many people good at predicting that. we're looking at earnings over the next five to ten years. and what happens in the short term is not going to affect us. maria: okay. >> some of the large cap companies have a lot of international business, some don't. maria: yeah, i think you're actually right. and a lot of people recently have been talking about the emerging marketing creating an opport

about the future of the military. >> general robert maller. we also have live streaming of this event, so welcome to wherever the camera as are all of you watching online. today's discussion continues the council long-standing flagship commander series, which is generously supported by north america. now, the role of today's service chief was to find in the goldwater-nichols legislation that of 1986. this legislation basically assign combatant commanders the job of planning, exercising and operating joint forces and contingencies ending combat and designed to service chief the roles of organizing, training and equipping their respective forces. now that is not a bad basic contrast, that things are really not that simple in this legislation set up a series of tensions in the roles of the uniformed military leaders that we have seen played out in various forms installed in various ways since that time. the first tension is between supply and demand. the total force to do their assigned commissions have high confidence exceeds the total supply of

>> sovereign wealth funds are .maller subgroup our research looked at around 6000 individuals from 415tions. out of these, only 70 are sovereign wealth funds. any individual find carries a weight,t -- a greater but as a group they have to work score, so they have 12% compared 14%.19 they are not doing very well. greatthank you very much, research. next, we will bring it an exclusive interview and will be va.ned of it ceo of avi manus: and nice growth in the u.k. all those results right here on "bloomberg daybreak: europe." ♪ manus: good morning from bloomberg's european headquarters. anna: is our today's top stories. manus: the u.s. grants [inaudible] provided they reach a new nafta deal. >> nafta is an old agreement. we have important trading relationships with canada and mexico but the president wants to look at this agreement and wants a better deal for american workers and american companies. anna: worries about protectionism fade. manus: going slow. the ecb delivers its policy decision but with weak inflation and a possible trade war looming, does mario draghi have good reason to

one way is to take slightly .maller positions not leaning into risk quite as much.aspect is you are not getting as much protection in a multi-asset portfolio from holding duration. stocks and bonds are not as negatively correlated in this market. if you want to take an equity position, you can offset that risk by holding a big fixed income position. those have come in a little bit. in equities, we are leaning into e.m. and u.s., away from other markets. want to go way back to when we talk about the fed. 40 minutes into the show and we have not even mentioned the fed. do they look at the geopolitical risk of equity markets generally? doesn't make it less or more likely that they will do the three or four hikes this year? vince: what you need to keep in mind is this is a fed -- and all whyral banks -- think about a central banker would be worried with no inflation. they are worried that the economies may fall back in the future and don't have an opportunity to lower rates to get there. they are in a rush to get to a point where there is a neutral rate equal to where t