the bbc‘s sameer hashmi spoke to pieter elbers, the president and chief executive of dutch airline klmby asking him how crucial was a brexit deal for european carriers. for klm it is an extremely important market with 16 destinations in the uk. we serve more cities in the uk from amsterdam than ba does out of london heathrow, so it underlines the relevance of the uk market. then if we look to the brexit, obviously it will create a complicated picture, even more complicated picture, even more complicated picture for the uk carriers as compared to the european carriers. so we need to see what the exact structure is going to be and i think there is still a lot of pieter elbers clarity on that, with various parties and stakeholders how it will look like —— un— clarity. clarity is extremely important to get going forward. what will be the ideal scenario from a klm point of view? from the european perspective there should not be the eu a la carte "pick and choose what you want". it is important for the eu perspective that there is pros and cons and things you like and things you like less. i

at the margin some will take some of the share away >> sameer mentioned valuations start to look a little stretched. you can't help but talk about amazon and netflix nearly tripled over the last three years. are we seeing a rotation or are we seeing a pullback have they just run too far too fast will that continue to next year, particularly these names. >> i agree there's a bit of money pulled off the table here one of the things that has happened with tax reform people looking at what capital gains taxes will be and what implications will be i think you're getting that normal year end portfolio rebalancing where you get a bit of profit taking so it doesn't surprise us you would see a bit of a pullback in some of these names. we think the bigger story is more discrimination, more focus on those areas, a bit more out of favor that can now benefit from improving global recovery potentially also some marginal improvements with tax rates but also other things that are more idiosyncratic like ability to return capital to shareholders in the banking sector. >> lori and sameer, thank you for joi