with us is tony despirito, fund minotnvestment active equity director. the growth beta next year in europe. that might be a better trade. tony: i still like the u.s. market quite a bit. yes, valuations are higher, but you have to look sector by sector and quality adjust. the u.s. market just has a higher growth rate, and i think it is a higher-quality market. given where rates are, we are still very much pro-u.s. finding pockets of opportunity, certainly, and europe, but still pro-u.s. julia: where do you think the valuations are still? is there still room to run? we are so highly valued in the aggregate. tony: at first blush, the p/e ratio is over 18 on the s&p 500, but you have to consider the rate environment. we just heard from the ecb lower for longer, and that is a worldwide theme. in the context of a 10 year treasury at 1.8%, actually it is kind of low. it is a 5.5% earnings yield. while i wouldn't bank on getting upside valuation from here, i am certainly not worried about it. alix: here's what i found really interesting. lower for longer today a