let's bring in ben lavine. so with us is sarah ponczek , who is attending the futures of investor conference in boston. ben, you say investors are underestimating u.s. growth and overestimating x u.s. growth, especially china. how long does this divergence last, what would make you change your mind? ben: we need to see the earnings track differently with the u.s. versus emerging markets. as performance is diverging, so is the expected earnings. if you load up emerging markets, u.s. equities within bloomberg graph fundamentals and you pull in the estimates for both regions, you can see the u.s. earnings continue to increase at a healthy clip but they have rolled over since march, and they continue to drop. the issue that investors have caught on, this is not just a sentiment driven trade that sees money going into the u.s., out of emerging markets because of what trump and china are doing on trade war rhetoric will but -- trade war rhetoric, but also a reflection of the earnings growth outlook for both of those r