Hello. Is this the right reaction . Last thursday, cyclicals began to rally. We questioned whether it was the time to make that rotational call. So far, the bond proxies, consumer staples, utilities, theyre outperforming the cyclicly oriented type names. You come in this morning, you question whether you want to get back where you have the exposure to the cyclicals. Ive stayed with financials. I think thats the right play. Then the other question is what do you do with global cyclicals, which have far outperformed domestic. Is there more runway there . Do global cyclicals continue to outperform . Thats the question. What is your answer . The answer to that for me is dont leave the financials. The financials remain the biggest source of opportunity, both on a valuation basis on opportunity to drive earnings growth. To me, thats the one i stay with. There are others that i think are suspicious and questionable. I like joes calls on cyclicals. Theres a big question we just dont know the a
that. leland: somehow in that answer i didn t hear the answer to the question. what s the percentage chance you think they ll agree to this? you know, if i was good at percentages, i would be in la l vegas. i think it s high. i say that seriouslily. north korea has nowhere to go. the only way they can do this is to go through negotiations and denuclearizing and i would call that well over 50%. there is no other option. leland: well over 50% that they ll agree, whether they keep the promise, a whole other thing. that s exactly right. leland: this is the concern from the member of the upper chamber from your state. take a listen. the other thing that might be happening is he s luring us into these negotiations, but then he will make demands that he knows we can never agree to, like the u.s. abandoning south korea, at that point he will go to the world and say, look, i ve beeen very reasonable, i ve met with the president and i ve been flexible and that s designed to