market is telling you, earnings are og being ear not great and the stock market is reacting to that, gemma godfrey, we have a minute before we see the president and the prime minister. what do you think about what's taking place with the dax over in europe, markets that has outperformed dramatically and whether it could spread to other markets like the u.s.? >> patience is going to pay, profit-taking is healthy after seeing the markets hit a 15-year high. interesting that the force is being driven by germany. germany has been usually a beneficiary of a flight to equality. we think a greek default is a real risk, a rising risk, it's an under-the-radar risk. we think if you're patient. we'll wait for the tumult to increase, we think the central bank will remain supportive for longer. >> the point here is that qe related corrections have been shallow. >> i think we got to ten last october. but nothing deeper than that. is that how the playbook reads again this time? >> it continues to be a liquidity-driven market. europe, japan, china, those are liquidity-driven markets to different degrees.