james athey, what is the number one thing i will not want to do into q3 and q4? mes: what a great question, tom. i keep expressing my concern towards the risky assets in general, equities specifically, credit specifically. obviously that continues to be wrong. i think the biggest thing to avoid would be the classic age-old problem of assuming that the future looks like the past, extrapolating the trends that we have seen since march and believing that they will go on and continue for the medium-term purely because not a lot changes with respect to growth virus and central banks. i don't think that necessarily is going to be the case in the coming months. i continue to believe that diversification is quite difficult because the influence is driving markets consistently the same, and it is consistently about policy. but i think things like precious metals and fx can diversify, so i want to have exposures into risk off type positions in markets such as those. tom: this is the question of the week, and to me it is so important. this is, do you diversify to individual

james athey with us as well, of aberdeen standard investment.e still have this continued equity surge, but i don't see yields setting higher, bond prices lower. the relationship, it is not that it is broken, but it is a nontraditional relationship between equities and bonds, isn't it? james: absolutely, it really is. it is probably more pronounced at the moment because we've seen such incredible things occurring in the last few months, but it really is the relationship which has existed between bonds and equity for the much less -- for most of the last 10 to 12 years. it says to me that this is not an equity market pricing reflections -- pricing -- pricing reflations. that traditional qe trade where everything rallies is very much what we are seeing at the moment. tom: what are you doing at aberdeen standard? what is your actual plan for reallocation into september and october? james: sure thing. from an asset allocation perspective, we would certainly be looking further into the future than one or two months. i think from my perspective, from a

james athey of aberdeen standard investment. i spoke to bob michele of jp morgan asset management on friday and said, what is going to cross the 1% line first, the 10 year or the thin year? 1%,aid the 30 year below and he think the 10 year yield in america, nominal, not real, can turn negative. negative nominal 10 year yield in america over the next couple of quarters. tom: you and i have got these people lined up, steve major at hsbc, gary shilling has been courageously brilliant for decades, but jp morgan has really lead on this. he is on that trajectory. jonathan: coming up on the program come on the fiscal effort and in the sea -- coming up on the program, or on the fiscal effort in the -- in d.c. ritika: with the first word news, i'm riddick a good -- i'm ritika gupta. microsoft is trying to salvage a deal to buy the u.s. business of tiktok. floated the idea of outright ban on national security grounds. the white house has given the company's 45 days to hash out a deal. the u.k. is reviewing its options for fighting coronav