have ated that troops in 158 countries. from ile, we're borrowing china to support these troops, like to know st have china ntries sent. guest: getting a little bit outside of my scope here, again, a u.s. footprint ofthe agreements with dozens countries overseas. in some cases, it's the emporary operations like in afghanistan or iraq. in some cases like germany where we have a permanent presence there. we have an agreement, certain cost-sharing agreements with the military bases and with the folks living there. so you know, it's one of the things done on the campaign trail, how much can we pull it back and the pentagon has looked at what is the foot print overseas and we have a base dation round or consoli round for some of those things in recent years, we have seen he u.s. draw down more from europe and talked about more in the pacific. host: on the equipment replacement, one of the issues that came up was replacing a fleet of u.s. helicopters. an issue? t guest: you know, it's cost and age and who gets some of the goes, pters and where it and this is a complexity of all of these. size, xactly is the right how many he

scarlet: in terms of your ambitiouns for china -- clearly you have very big ambitions. talk about what you are doing there. china,stfrom and was pleased to see we are to have brand recognition in the market. eventually, demand will be asian-based and us-based and supply will remain in europe and north america. building a global operation will be key to our success. alix: we have seen that auction have struggled. do you feel that that is a company specific issue or does it signify something about the higher end auction place? >> we saw there was a new world atord set for a basquiat christie's, which proves there is still a market for quality. there are issues within larger brick and mortars and how they necessitate a very resource-based model. they focus on a small part of the market, which is also a very lucrative part of the market. we are focused very much on the middle market. looking at how we can ring -- operational -- bring operational efficiency to reduce cost. scarlet: you focus on middle market. are your customers buying works of art as collectibles or investments? >> i think it is a mixture of the two. we

china. since 2004.st level you have to go back to august of 2014 -- excuse me -- to see that kind of rally. the reason why, joe, this ferocious rally in some orton is that according to a chinese newspaper 46 chinese blast furnaces restarted in march. you have a rally, furnaces weaker, more supply, prices. you are seeing an intricate reaction in china to this kind of steel rally. but that's not necessarily a good thing. joe: looking at the chinese pmi data, one of the key strength is real estate. of course, they were into reinforcing cement. the one area of the chinese economy holding up nicely and one particular commodity that should do well. good point. i like it. joining us today is all of her redneck. nnick. -- oliver re what you'reink that seeing right now is a lot of traders and investors not buying and literally not buying stocks as the market has been going up. if you look at a few measures -- we've got a good chart. alix: check it out, break it down. tager: it's on the hash 1132. looking at the bar is right below that, mutual funds slowing. then there is the short interest outstandi