alix: still with us is saira malik. so saira begin with you. >> when you have in the u.s. in the bull market is inflation in europe and the rest of emerging markets, you have markets in their earlier innings so you can have that same u.s. trade you had a few years ago and you can capitalize on it in europe. we do like financials. that is the key to european recovery. so if the economy can do well, financials can do better and that will increase loan growth and that should be what helps play out the european market story. jonathan: in the global recovery, are you playing the european recovery exclusively? >> we are playing the european recovery. we think on a region specific basis, those economies are improving and it is in fits and starts. election,french european markets rallied and we haven't seen sustainable market recovery there which means there are still factors to get in that area. david: so if there is growth like that in europe, particularly in earnings and corporations, is that topline? can they actually sell m