frans van houten, ceo of philips.ouds on the horizon and friends does not us -- france does not see any. european is kicking off this year. we hear strategy updates from ubs later in the week. what can we expect from the earnings season? david stubbs is our guest this morning. david, you were listening to frans van houten and i think he is a diversification of opportunity and headwinds for european ceo. do you want to take a little it of -- what you make of frans van houten's comments? : i think we are going to see the same kind of half will seen in the same kind of quarters. unable to push of market high given the worries about political outcomes. we have seen the valuation or ome downdown -- c with a italy and brexit. we do not believe europe can do more than 5%. we have 3% on the dividends. performanceng for out of europe and we focus on small caps and that's for you have leadership in tech and is enablingd tech the future. : this earnings season, will investors punish companies that underperformed more is in vain