we are back with ann miletti. a couple of weeks ago i talked to investors and they almost all would say we are more interested in europe. we are looking internationally. the u.s. has been the only game in town but we could see some rotation. ever since the eu elections and macron's call for a snap election that seems to have done a full one 80. ann: i think there has been a little bit more concern about the growth rates in europe and where that can go. when you focus on rates, it looks like a quick maybe clear place to go. when you look more broadly at the full picture it may take some time for europe to see growth come back. i think if you look more broadly at emerging markets, they have underperformed for many years. they are starting to see some signs -- there are signs of light if you look at china which has been -- it's a big part of the index for emerging-market players. they have had a lot of tension on both the macro level and the micro level and company level. global interest rates are on the rise and hav