hank smith joins use o again, chief financial officer. thanks for being here. good to see you again. >> thank you. >> let's start there. why do youike it? >> certainly a con trainer play, underperformed dramatically. four big headwinds. you mentioned one, losing the amazon b making some major investments that's impacted earnings. there will be gains through that as weou get t 2020. the merger with tnt in europe,b it wil five years now they'll finally be fully integrated this ng. and then fourthly, the whole uncertainty aund trade and tariffs has had a greater impact on fedex because of their more business overnightation. a lot of these headwinds should fade as w go into 2020. and we think the stockhould do fairly well. a company that's trying to redefine health care, bought aetn as we know. this stock has been in a downward trend the last five oiars. what is to turn it around, do you think? >> well, in fact, t past thr quarters, they had beat both on the top and the bottom line. that's been the merger with aetna is going better than expected in terms o integrat

that we were so -- well, we were interrupted jeffrey mcdonald is here harng smi hank smith is here asrning. >> how do you read the issue in brexit, the issue in china and to the extend you think it's going to matter, to the markets. everybody is liking things if not more so? >> i think the uncertainty meter just took a really big hit everything in my world keeping curbs glass, yields down, we had the fed on it. they're unlikely to do anything next year. ecb, the transition to lagarde very smooth. going to be a smooth transition there. i think with brexit, i think with the usmca, all of these uncertainties we've been dealing with in the market have all made big moves in the last week i think it's doing what it's supposed to do, which is encouraging risk assets, steepening curves, rates >> this market has been acting in the most rational way in my 35 year career when you think of what it's been 3 paying attention to. low inflation, low interest rates. gdp growth strong balance sheets, it's ignoring all of the headlines that are often framed in a crisis draconian matter, whether it's bre

joining us right now is the co-chief investment officer hank smith. do you make a of that, that bank of america telling clients it will be a melt-up, a big rally in the first quarter? >> i think that's a very aggressive call. i do agree that we're going to have positive returns, it's going to be a good year for the market. but we're actually counseling our clients to temper their expectations. it might be a little bit unrealistic to get back to back 25 plus percent returns year over year. so -- but something along the historical line of returns, 8 to 12%, we thinker i we think is vd reasonable and will beat the alternatives of mixed income and cash. maria: the thought its that all of the risks are receding. we have brexit, we understand what's happening there after the election, trade war risks are receding with the usmca and china and the analyst there says he sees 5.2% gain in the s&p 500 by march 3rd as treasury yields go up. >> it's driven by the absence of uncertainty. we've taken the china uncertainty off the table, legislative gridlock preventi

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