david: joining us from london, simon kennedy.y from investment management is here with us in new york. let me start with you, we france, netherlands, ermany, italy, germany - with geopolitical risk. has it shown up on the economic is it curtailing growth in the eurozone. not at the headline level. the biggest topics mentioned in data, wees saw it throughout the world, it's a trade war and concern about the outlook for global trade. the margins there's concern about instability, it's worth been with that has us for most of the past decade. affect from pple the financial crisis leading to a lot of what we are seeing, and if you are wanting to invest in a country, do you a time when the newspaper headlines suggest the wobbly.l leader is pick, you can take your not mentioning brexit. jay, how do you look at europe. about a great investment opportunity, last year, and now we've gone cold on it. jay: it's emblematic on what we are talking about, angela merkel losing her government over immigration, which was an issue several years ago,