paul quinsee, is j.p.nagement and global head of equities, and mark -- good to see you both. at what point do we see the markets start reacting to this russia distraction meaning it removes us from the health care bill, tax reform and the budget? to be market is going very focused on the potential for tax reform, infrastructure spending and regulation. those are the big three policy questions investors have been very focused on since november. they have taken a relatively optimistic view. that's really where the discussion is going to be. alix: can it happen if russia is dominating it? >> investors still seem to be prepared to believe that they will have tax reform. jonathan: to some extent the pessimism is already there. isn't that a message that there is some doubt baked into the equity markets? >> absolutely. the trump trifecta, every day that goes past is another day that people are going to say where is the beef? where's the outcome? where's the progress? you're starting to see financials will little