global activity is ok, it is not great. 3.5% udp in the states at least based on our work. -- gdp inast based on our work. -up. have a round businesses favor cheaper shipping options. then you bring in other industrials. for them, it all comes down to muted capital spending. mining customers are reducing spending. high-margin parts remain under pressure. it not good news for industrials. >> go-ahead. has beenk cap-ex lacking. i think it will improve a little bit. the global economy in europe and in the world will improve a little bit. improve to be continued to be some headwinds. as much as they have lagged for much of this recovery, they have some upside potential here. if you think the global economy is going to be better, you will definitely want to be taking a look at some parts of these industrials. >> what could surprise us next year? a littlek we could see bit better news coming out of europe. there is a lot of pessimism in europe right now. i think you will see a little better performance there. half the revenues in the s&p 500 come from overseas. overall,ou will see, the eme