which story and narrative does to, see willedence give some indication about how difficult this conversation this how difficult- this conversation between turkey and russia will be. in syria.is situation francine: thank you so much. let's get to the guest host for the hour, john bilton. he is head of j.p. morgan asset management. it is great to have you on the program. how do you look at risk? we have the downing of the russian jet. some of pulling back the losses. but it is difficult to see the endgame. how do you look at it? john: ultimately, you have to with a knee-jerk reaction and how it changes the calculus in a long-term. this morning we were coming into a lackluster case, there is softness in asia and the u.s. yesterday so this has given a bit more of a risk town to the day. ultimately, after the tragic events in paris and the threats from the islamic state in brussels, this is a factor that investors are having to calculate. in the longer run, it brings us into the events of this morning. how does putin respond to the threat? anything that's a just there was itecently cohesive respo