trading around 31 times forward earnings which turns out to be about a peg ratio of 1 it's growing its epf%. if earnings are disappointing you could see both the multiple come in and multiplying by a smaller number here's what we take a look at doing. i'm looking out to april i want it to sell the 135 puts for $4.30. buy the 145 calls for $9.45. and then sell the 155 calls, why isn't that drawing $4.95. net-net i'm spending 20 cents. i think this graphic is a little bit misleading because these losses that you would experience are just 20 cents a share. so really i would sort of think of this as basically the break-even we might find monday that you can put this trade on for no money at all the idea here is, when i was looking at this the stock was trading under 145 bucks. 7% to the upside fit rallies, you'll miss the first 7% to the downside if it falls the options market right now is implying a move of about 11% think about it this way. fit moves 11% to the upside, i get 7% gains fit moves 11% to the downside, i lose 4%. that's a tradeoff i like. >> brian, what do you make of this trade

we have to have foreign designs, the jhc whatever it is called now is a different epf was essentiallya foreign design. >> some shipbuilding -- >> let me interject a question. people frequently talk about acquisition reform. change order for the number of change orders for the unceasing number of change orders has often been held up as a reason it takes a long time to do this and it adds greatly to the expense. any truth to that? any hope of disciplining or establishing a good idea cut off date when you start building a ship? >> i wish there were but should building is an unusual situation and that the first ship is really an r&d ship. there is no such thing as r&d ship. the first one is where they are proving out a lot of the design, a lot of the manufacturing techniques so it is not surprising that first one has problems and a lot of cost growth. it is hard to cut off changes but one thing you can do is give a little space between the first ship and subsequent ship so at least you can see, stabilize the design before you going to serious production. >> when mike talked about what nav

reporter: there you have it, epf, the biggest investment fund in the country, looking to see a boost you. next, some of korea's biggest stars embroiled in a scandal. we are looking at the growing anger. this is bloomberg. ♪ shery: this is daybreak asia. reports from london say the eu will formally agree to delay brexit. the guardian newspaper says the vote will be shortly before midnight on the 29th and that theresa may will ask for one year. kathleen hays has been looking at what this means for brexit around the corner. what does it mean? eu hasn: it suggests the some interest, may some stake in helping theresa may get this deal to the third vote, because guardian reporting they will offer to extend the brexit departure date. this?ey suddenly doing because changing the brexit deadline could change the mind of house of commons speaker john nota who says the deal has changed enough for a vote, essentially torpedoing theresa may's plan again. she was hoping she could get it up for a vote this week after they are were signs -- there were signs that some tories were willing to back the d