alix: still with me, peter tchir of academy securities.ree that the melt up on mediocre news continues? peter: i actually think we are going to get surprisingly good news. i think we get trade resolution. i think europe is going to kick in with fiscal stimulus. it is going to come down to lagarde getting something accomplished. alix: is that going to be real substantial growth? you seem value start to outperform, but in the u.s., the weak balance sheet sectors are doing better. in europe, we still have a strong balance sheet to rally. how do you parse it? peter: i think you see better growth across the board that is not priced in. in the u.s., i think you see more of this continuing rotation where the laggards and underperformers can do better because not enough is priced in. some of the safety stocks that people are flocking to make you a little bit worse. i think bond yields go slightly higher. i think we see steeper yield curves. the u.s. treasury department is going to issue long dated bonds next year, maybe shift some of our issuance.