: you're better off more senior in capital structure because these things can get tized.te ties -- equid to price the option. it's nothing more than a data trade. that works when it works, but when there is an idiosyncratic issue, they get completely wiped out. banco popular is a good example. you lost basically 90% in a day. that is a structural issue i think people underestimated. jonathan: matt, do you agree with that? do you take the cocoas? matt: i would agree with greg. this is not to be taking longtailed risk. the reward is just not there. that is true across the vix and income spectrum. it is time to upgrade a portfolio overall and not take longtailed risks. you not compensated. jonathan: is that the thing next year? de-risk a little bit? greg: i think so. it's about taking chips off the table. you just had massive tax cuts in the u.s. a mere talking about de-risking. greg: what are you getting from it? a ballooning deficit is not a great risk reward from investor standpoint. i think many investors believe it is ephemeral and a very big cost. i think you're getting paid to de-ri

he is teaching me about equi-pose, to not let his daily vile, regular demeaning despicable j.u just mean-spiritedstract any prothe work i have to do every single day, that we all should be engaged in, like trying to protect health care as we know it from the tax bill that will undermine american health care, to protect middle-class folks from just lies that he's told, like hey, i'll go ahead rid of carried interest. no, you're preserving it in order to hurt middle-class taxpayers. i want to focus on the at the issues. key kirsten is a person who stands and speaking up heroically. he's blowing hot air on somebody that will thrive, no matter what he throws at her, because she's doing righteous work. you're one of five democratic senators calling for president trump to resign over the sexual harassment allegations. with senator al franken there were more than 30 calling for him to resign. why are there only five of you saying the same thing to the president. some folks are asking that specific question. i can't speak to what others are doing, but to me it's a question of obvious integrity. al franki

that when equi lowerarkets have profile, it can be impactful on the bonds.de credit is something we could see a more benefits to the total risk. david: within the bonds space, emerging market bonds, you have singled out india. although inflation has picked up and there have been other acute reasons why yields have been picking up. do those things make you change your mind? or do you still like indian bonds? thomas: we still i places with an emerging markets. these are quite long-termt trends. of course, inflation has room to pick up, due to exit generic factors. what we see in places like india, indonesia, argentina, places within the emerging markets, where we are positive on equity, as well as in bonds. david: if inflation does pick up -- there is very little indication right now they will come up in a meaningful way that you say real assets tend to do well. can you remind us what those companies are? it has been a while since inflation has improved our portfolios. thomas: we are talking about long-term trends in real assets, which applied to natural resou