zero, butke it up to they are going to be stuck.lds well over zero are going to be positive return generators. jonathan: given the week we have had, you have backup and yields in several places. where would you be looking? >> i think it goes back to the earlier question. what does that look like? what happens in that environment? if we are thinking about the said and central banks globally continuing on that path, and it's not going higher quality that will help you, it's going higher yields that will help you. you haveme time concerns about fundamentals in that part of the market, high-yield part of the market. we are definitely in the camp of de-risking due to valuations. you want to be in the part of the market that gives you a cushion to absorb the interest rate affects in an environment where you have such -- look at the past week. lose 30% ofll 1%, year-to-date return. -- you need tok be in areas that provide more. oppenheimer, jpmorgan, pgm, sticking with me. let's get a check on where the market has been this week. treasury

perfectly, butk thaad now in korea, one that in the aftermath of this test is likely to increase in numbers sophistication, but again, it is to intercept th, the ability to intercept a missile at a higher altitude before it comes into final descent. host: the new president of south korea, president moon, had been reluctant to endorse this thaad system. the headline from the washington post saying the south korean angles for more firepower against the north. what is your take on how the new government is responding to the north koreans? >> there are a lot of ironies here because resident moon was brought in because he would seek avenues that the previous president of south begun and which had been shut down by the subsequent conservative presidents, but the jong-un and north korea overall is not giving moon any breathing room at all, so rather than moon distancing decisionrom the thaad in particular, which was made quickly in the last year of the invious president, he was effect saying we will need more of that capability redder than even think about the possibility of shifting course on it,

up, butk keeps going the time it does think is when investors get a little worried that amazon is spendingonnie: cory johnson is with us in san francisco. what will we hear on a conference call about guidance? cory: guidance is important for the company. what we see is a careful maintenance of the stock, it is important to amazon because they play their -- because they pay their employees and stock, not in salary so much. so they one to lower expectation. the most interesting thing in spencer touched on this, what is interesting about this business there are two different business models playing at the same time -- the retail business, selling stuff online, selling at or below cost, and a massive profit, a very high operating margin that they run with amazon web services. and although it is smaller than -- although it is smaller, amazon web services is paying for everything in terms of turning profit in, and even generating free cash flow for the business. the full-time to pay retailers has been the cash flow internet amazon. i will be curious to see what the operating margins are for the

to letif they are happy it run high, but that is butkely to make august, what does that do for your worldads versus german spreads? let's talk about draghi a little later. this is the narrowing in gilts over bunds. would you join the chorus? laurence: it is a very popular view. theu.k. and other parts of curve have already gotten narrow as they can get, versus euro land. i think the big distinction -- and a lot of people would pay that -- for us, it is difficult because what we have a two parts of the gilt market. inflation, where people are pricing a lot of inflation and there are real yields, which are not only insurance against inflation, but what we think real gdp growth will be in the coming decade. i somewhat got him banking the bank and -- blaming the bank of england, but the fact is the market is looking at a post-brexit world of uncertainty and i wouldn't say we're pricing stagflation but the worst cases growth will be slow and inflation will be high relative to rest of the world, relative target. for the market come back from that, it is not just about the bank of england, but t