david: still with us is mona mahajan from allianz global investors. n the pipeline? mona: this year we are looking at a robust earnings picture in the s&p. for 2018, 20% year on year growth. over the last five years, averaging 5%. where the softness starts to emerge is 2019. estimates are for 10% year on year earnings growth for 2019. the question is if there is a downside to that. we think it can percent number would be pretty healthy despite this being a peak year. another 10% growth next year would be great. will trade and tariffs impact margins downward? will the rising fed rates impact the broader economy and slow earnings growth? there are question marks about next year's earnings. what we are watching for is what people say about 2019. alix: you can see that reflected in the chart. sales and earnings growth are rolling over in 2019, particularly when it comes to sales. jpmorgan said he will see higher stock dispersion. if you pick a winner on earnings, you can really win it and that is less volatility? mona: we think the environment for active m