alix: great stuff from mario parker. definitely not just about trade.g to have something to say. still with us from san francisco. how do you operate your allocation around that? >> the current trade situation is manageable from the market point of view. expect higher volatility as we work through this uncertainty. we're avoiding sectors that will be heavily impacted by trade if it goes further from here. pharmaceuticals, china is getting a lot of press about trade. we are pretty positive on china. the u.s. need each otd it would be difficult to replace a lot of the imports we have from china. david: square two things for me. benefitedy has really since world war ii and open trade and increased international trade. these individual actions are not really making a difference in the marketplace. it is not just united states that has some issues about trade. how do you square those things? when does it become a problem? : a lot of individual actions are hitting very localized areas like sectors and countries that are heavily involved in trade with the u.s.