jonathan golub stays with us.no wilson. this is bloomberg. ♪ tom: good morning. "bloomberg surveillance," francine lacqua in queen victoria street in london, tom keene here in new york. deutsche bank at an all-time low -- says it all, doesn't it? francine: yes. and there is downward movement to a lot of these european banks. they kind of move in tandem. deutsche bank has extra issues, because investors are trying to figure out what they stand for and what their market is. we also have the agm a little later on this week. us fromathan golub with credit suisse -- of course he will not speak about a competitor, but he will talk about use of cash. share buybacks are enormous. do they slow down at the margin or do share buybacks continue? jonathan: they do continue, but i think we are misreading this. share buybacks are being driven by the fact that these companies are generating massive free cash flow from their businesses. the fiction that companies are borrowing cheap cap it and jamin up stock prices are false. will

jonathan golub joins us from credit suisse and alicia levine from mellon investment management think we're going to have a little debate here, jonathan you're still very bullish on this market. not worried about the risk of a china trade war now that trump has escalated it with a few tweets >> first with the markets telling you today bit fact it rallied back the way it did is that this is not likely to happen, this is perhaps his opportunity to put himself at a little bit of an advantage as he brings this thing to a close the market does not believe that we're going to have a tariff war. >> but john, before we get the pushback from alicia, you're bullish because you think people are focused too much on the simple valuation metric of price to earnings and you dive into some other metrics and it looks like there's more up side. >> i'm smiling because that means you read the note we put out this morning, which is cool. it's really interesting that over the last decade companies have gone with these capital business structures where they're more toward services and the like and therefore