lower their risk by getting into the market now >> i agree europe is doing better so why not just overrotate into europe i think the valuations are two multiple points lower. as an asset allocator i want to move money into where you are getting better value so we rotated money into europe and into emerging markets after being on the sidelines i believe there's faster growth elsewhere. i want to buy where that growth is >> one thing i might add, i actually like japan quite a bit. i think that also trades cheap to the u.s in my opinion there are slight structural change, is that are happening there. monetary policy getting better more focus on minority shareholders but again, the problem i have with europe, there's no big structural change, is that i can see. a lot of benefits that you're seeing in the european economy are largely driven by currency it counts, but the u.s. actually, whether you like the president or don't like the president, there are things that are pro growth that are on the horizon. whether they get passed or not is another story the regulatory changes will happen regardles