julian emanuel from btig is with us. large caps, thus far, small caps, you are protected. is that going to continue? >> we think that is going to pause. you have gotten to a valuation differential that is reasonably stretched by historical standards. if you think about how all of this is a focus going back to the trade issue, our base case is that there is going to be the beginning of talks, referencing this morning, there is certainly positive for martin's address for markets. if that is sought the case, we think the idea of small-cap as a place to hide probably becomes issuef less of a relevant simply because when you look at it, what is likely to happen is that business confidence will slip if we have a continued summer of trade tensions. again, our base case is to the upside that we do make progress. in that regard, it has been more a story about large caps being held back, and we think they will play catch up relative to small caps. julia max it is not just about a perceived safe haven trade. it is about dollar stre