seeing iron ore prices go higher you're seeing steel tariffs, antidumping. a lot of reasons why steel companies like u.s. steel in an environment where we haven't gotten the infrastructure. sotrades that have worked for long time and may not be at all time highs may be why you want to buy them. emerging markets at five-year highs, break it out. >> maybe, but the thing is about the valuation argument, which i understand, but we have yields, so while valuations are high, yields are at 201, 212 today, so long as we stay low on this, then stocks continue to look attractive i've been saying all year, you start to get yields rising closer to that 3% level. stocks are going to have a major problem with this level of valuation, but until that happens, i think you're okay even buying the ones that are going at thu highs >> how to you address valuation question when you look at valuation compared to that stock, not against the whole market, does it get harder and harder to own a royal caribbean? >> one of the mistakes i made, i thought with yields going lower, that it

international agencies can take effective actions under the wto framework to into the practices of antidumpinggood -- worldwide. presidents the speaking exclusively with tom mackenzie. one feature we would like to bring to your attention is our interactive tv function. you can catch everything you , including this exclusive chat, but securities and charts and other functions we talk about here on the show. bottom left also take shoot -- takes you to the questions. sin those questions through and we will try to get them in the conversation with our guest. keep in mind this is for bloomberg subscribers only. .heck it out tv let's get a pulse check on your markets. break,entering lunch tokyo, last 30 minutes of trade, up 13 points. the dollar yen whipsawed below 110, now at that level. algorithms exacerbating the move down, so we are back to normal so to speak. big a look at sydney, the story is the ceo of fortescue metals announcing that he will be stepping down come first quarter next year. let's look at hot and humid morning over the lion city and singapore. peered downgy today .7%, marke