chinalco is the single biggest shareholder of rio. >> final thought now from james bevan being with ushe show. james, where are the risks for you? >> i think one of the most interesting challenges we face in the runoff in recent weeks has been the degree for which there has been the leadership from highly risky stocks. and i would be going through lists now to see whether actually they merit continued holding and i would be nervous if companies like volvo and some of the banks. we talk about the banks. i've been looking at lloyds and i think valuations now look pretty stretched. more postally, i think there's a great value. if you take morrison, you see a company with positive cash flow and decent cash flow on investor capital. if you're looking at high dividend yield, can you concentrate on -- >> i don't think you can. the market is attempting to price either a reduction in long-term growth prospects or a long dividend cut. however, there are plenty of companies which high dividend yields and good growth projects and i think they are waiting to be mined. >> what was your favorite of t

let's get strategy now with james bevan with ccla management. s, i sort of set the table for what the united states has been dealing with over the past few trading sessions. are you bullish or bearish about the u.s. right now. >> i look at the u.s. preoccupation with the employment numbers last week and i think they are mesmerized by what happened in the past. if i look forward, both in terms of the current indicators and more importantly in terms of the lead indicators, i'm reasonably bullish. i think we will see a step up and i'm bullish about the market prospects from here. >> do you think we'll see those come out this earnings season or next quarter? >> no. next quarter. and the reason is we're now going through the pain of reductions in spending across the board, both dorcorporation intentions and consumer payroll. what we are seeing is a material lining. >> at the moment, earnings have been boosted because we had a reduction in costs, sort of an inventory rebuild. it's top line growth which is more important, isn't it, for sustainable earni