david kotok of cumberland advisors is still with us. in the market we have seen volatility pick up. tion? david k.: i will not play in the french election. de gloire.h the joie we have strategies fully invested, we would like more volatility and we have it. we made the case for banks earlier. the energy patch, does it stabilize? we think a positive kick from housing helps the u.s. and u.s. markets. maybe trump and company are starting to do a little better. there is a sense that maybe dinner -- maybe they are getting organized. alix: you do not care about europe? david k.: i am underweight europe. i think europe has problems. a prolonged period of negative interest rates that will continue for a while, or undermining what takes massive effort now. and greece could explode anytime. david: what do you say to the people coming to this program who say yes, but europe is undervalued. and the u.s. is fully valued so it maygain is in europe, be weak in the united states but it is growing and it is cheaper. david k.: it is cheaper if you use valuation metrics. if you use earnings growth, we