yogi dewan of hassium asset management is still with us.u have a vaccine, you will get special privileges. a hodgepodge of policy from different countries is what we have seen over the past year. is this part of the reason why you remain underweight europe? and if not that, why? yogi: directly and indirectly, manus. the u.k. of just over 9% and valuations are much more reasonable. the issue in europe is obviously vaccine distribution and rollup. it will have a profound impact on the unemployment rate, which is way behind the u.s. and obviously, it is bound to have an impact on earnings as well. it is earnings that drive share price appreciation, so you've got really negative short-term sentiment around vaccines and unappointed, and a negative medium to longer term sentiment on earnings numbers. the only saving grace is that valuations are more reasonable, and the euro is significantly undervalued versus the u.s. dollar, which should help with an export led recovery longer-term. these are things to look out to later in the year. they are not

yogi dewan. i'm beginning to read this a little bit more. a in terms of growth in this quarter. is there a risk of that? yogi: definitely. we are all expecting to see a spike in growth, quarter on quarter. 6.5% versus the last reading of 4.4% in terms of gdp. we are expecting jobless claims numbers to improve to 425 k versus 444 k. it's very clear that q2 was always likely to be the peak. investors are no far more interested in what's going to happen the rest of this year and next year. particularly with respect to the simulation package from the u.s. , with respect to inflation. u.s. gdp is around -3.5% year on year. unemployment is 6.1%. inflation spiking to 4.2%. we've clearly got a lot of trade and speculation going on in the commodities market as well. it's clearly a supply-side issue in terms of catch up. there is definitely demand post-pandemic, post lockdown that we are starting to see play out. this looks like the peak to us. it could spill over into q3. after that, we see things moderating in a meaningful way. remember the backdrop