. —— gfc. has not been below them 10% since the gf see. -- gfc. 10 cents in china has announced earningshat. consent already dominates the social media space in china and the company is valued at $472 billion. it's very —— id owns a popular chatting app. tencent is a major player in a number of areas the investments are getting attention. notjust in snap that in attention. notjust in snap that in a diverse range of companies such as an electric cars start up. and even moon express a company that is trying to send drones to outer space. i spoke to an investment adviser who says that the strategy of the company is hard to pin down. what i would say is that within the core business strategy i think tencent should be given lots of leeway to run the businesses they see fit. i am also concerned that there is a bit of loss of focus happening here as tencent ventures out be on its core business model of gaming and social media and advertising and branches into other areas that i think are quite different. what are these challenges, would you say? the fact that they are branching out and they are

coming.aw the gfc it actually flag people who are watching that index.one by the federal reserve itself. rishaad: that is going back to 2008. down.y violently move rishaad: from the end of october 2007. >> markets should pay attention employmanagers will people. that has a material impact on earnings and something we can rely on that has been reliable since 1967. move to europe. we seemingly have good data coming out of there. what is your take on the eurozone? >> there is too much the quiddity and global markets come all asset classes, the u.s., europe, japan, asia. europe is playing catch-up. people on bloomberg have been saying the spreads between developed markets in the eurozone will widen in 2018. that is something to be careful in a crowded trade, retracements come thereafter. a market crash. that in mind, let's take a look at what happens to the rest of the world. interconnected. >> that's going to the conversation about understanding the real underlying economy. markets are healthy wherever you look at the moment. rishaad: because there is a wal