and joe zoff we've got two joes i'm going to have to go with two joes i forgot about you, kernen >> oneh. >> what do you make of the market's reaction? and are you feeling good about markets these days >> well, we are in the admirable oar advantageous position of not listening to any fed rhetoric. we're looking at earnings and really fundamental factors this downturn provides us opportunity in many areas. we run global money international money. and the international markets have been forecasting this for quite some time. no one seems to pay attention. there's a greater mess there with brexit, italy, germany weak weakening, all of this this is something that will provide an opportunity for us. like the essence of your show most of the clients want to participate in the growth of foreign corporations if they can do that at a lower price, they're happier >> making a call of foreign versus the capital on a 5 or 6% return next year, where would you put it >> so, in our global portfolios, the best thing is to look at is allocation for the past three year, that global portfolio has been inves