michael field is an equity strategist at morningstar. hello to you, michael.t, howard lutnick is a real pro crypto man — give us your take on how far bitcoin will go. 50 your take on how far bitcoin will no. ~ ., �*, will go. so i think that's riaht, will go. so i think that's right. sally. _ will go. so i think that's right, sally, lutnick- will go. so i think that's right, sally, lutnick is. will go. so i think that's i right, sally, lutnick is well known for his role at cantor fitzgerald where they were the forerunners in terms of investing in an asset at the time that many didn't think was investable. so that is certainly giving crypto a boost today. i think also rumours that the trump media company is also going to invest in crypto exchanges is never bad news for the assets. so difficult to put a value on something for which you can't do any fundamental analysis, but it has a lot of momentum at the moment. fire analysis, but it has a lot of momentum at the moment. are you one of those — momentum at the moment. are you one of those who _ momentum at the mom

what we have done at morningstar is take a step back and think about the longer term and think abouts over time. as we take that approach, then one of the dangers that we see is that investors get caught up in these narratives. so, whether it's what the president-elect is currently doing or what's happening elsewhere in the world or the challenges with geopolitics, it is easy to grab hold of the narrative. we know -- >> let's let go of the narrative. let's get to the reality. let's forget about the narratives and other distractions. what are you really seeing in 2025? in your mind, what will work next year after a really strong year at least so far this year? >> that's a key point. it has been a very strong year this year. we have seen prices rise and valuations get richer, particularly in parts of the market and the growth market. we have seen that as being quite expensive. we look at the best investment ideas in 2025, then it is away from that part of the market which has done well this year. what we're looking at is smaller companies in the u.s. and more value oriented companies a

i'm pleased to say michael field at morningstar is joining us for more.ichael, i just want to start there. there's been a lot of speculation, really, about what a potential trump win would mean for european equities. which stocks would likely under perform, but i would like to look at it from the other side of the equation. if there was a trump victory what stocks with out perform? >> that's an interesting take, silvia, and yes, a lot of negative effects from the trump presidency. positive is the defense sector. he has been threatening to disavow nations that don't spend or meet requirements in terms of def defense. that is a boost to the european defense stocks if he is elected. >> what about a kamala harris win? the latest polls show it is very close and unclear who will become the next president. >> you mentioned already autos is up a touch this morning. autos is a sector of a fear now of tariffs imposed on european auto manufacturers into the u.s. that is probably a good example where one the pressure should come off if kamala wins. >> abwhat about th

relation to life in any this was thought to be sufficiently interesting that there are some missions morningstar missions to venus that will explore more thoroughly the atmosphere of venus to find out what is there. i told you that there are the giant planets jupiter are jupiter. nobody thinks that there is life on jupiter itself, which is a gaseous planet. so on. we think you need a rocky surface, but. we discovered that this is how the atmosphere looks like by the way, like an abstract painting, no doubt, but. as i said, the jupiter has, some 95 moons, but some of them, it was discovered that under a very thick layer of ice, you know, miles and many miles on, the surface there is actually an ocean of liquid water. and the reason that is because jupiter, a tidal force, you know, like the moon, exerts the earth, the tidal force on on these moons. and it sort of flicks, examines, stretches them, and then generates heat in the interior. and that generates the liquid water there. so the idea is to try actually to reach these moons with missions that will well, it will be hard to dig all the way thr

the morningstar always gets wonderful bright the minute before it has to go, doesn't it ?r an author, the stage manager of "our town" probably is it. and in doing that, i realized i get kind of his frame of reference may be but i also realized that anybody that plays a stage manager, it is crucial to bring your own self to it. you are the one for sure honest broker, or you need to be, between the characters in the scenes on stage and audience. it is a direct address all night to them. and if there is anything i feel that is false about that that whatever off put the audience, you can't tell the story properly. but that has been a really exciting challenge to be honest with you, to go out there and bravely look in the face of the people and try not to lie. >> if the audience doesn't know, i want to let them and that you won the tony for "raisin in the sun" sun" and a soldiers play and fences. you started to get at this. how do you take something that is so iconic and so well-known to so many people and modernize it while preserving what is really about? >> i'm always intere