what we have been learning moreu recently the last few years, there is also a risk for peop with preexistingheart disease and so there is evidenfrom california. it was a joint study and california department of public health and stinators that would show increased visits for problems like heart attacks and strokes. and that was not even as bad as the current problem. things that i find fascinating that there are differences, right? and you have forest fires and then home all the different materials and plastics thatare super toxic. i mean they have higher rates evof cancer. but foy day people who are inhaling these rest fires that seem to come everyear. what is the difference really between being out where we are right now and verses one of your homes? >> and if it is a forest fire and no structures burn, then it is wood smoke and they have taken out neighborhoods ntin rosa or the town of heparadise and sowhen the homes and cars would rn, then there are even nastier toxic materials than regular wood smoke. and the firefighters have to h deal wthis all the time, but in and out public is peopl

can take moreu risk, you should go to the emerging market.: so emerging -- nejra: so emerging markets over the u.s. in terms of bonds. you do not expect any fed rate cuts in 2020, as far as i understand, so does that translate to dollar strength in 2020, or the dollar drifting at levels it is at now? michael: toured europe i have a bit more straight painting toward -- toward europe, i have a bit more's strengthening in the early part of 2020, and as we get further and deeper into 2020, the dollar could begin weakening. the dollar has a path for being slightly overvalued. and we think sort of on the five-year horizon, the dollar could go down. nejra: a lot of people do expect rate cuts in 20, despite what they fit -- despite what they said and despite what the market is pricing with one rate cut, and that at the end of 2020. if we see fed rate cuts, does that support markets with you because of more liquidity, or do you think, hang on, something is bad and we need to take risk off the table? michael: the second half of 2020 will be really inte