that as we talk markets with michael could you know. -- michael cuggino. this is bloomberg. ♪ mberg. ♪ amanda: u.s. stocks are relevant today coming off of a raft of data that bolsters confidence in the american economy, and some easing of the trade tensions between the u.s. and china. for some analysis, we have from san francisco, michael cuggino. it, you don'td think the makings of a recession are necessarily emanating from inside america. that the fundamentals are good. but there are plenty of external risks going on. give me your portfolio positioning in the face of that. that is the $64,000 question. michael: we would argue the environment going forward is going to be different than the environment over the last five to 10 years with respect to one-dimensional bond equity moving. we would advocate more of a diversified miss, asset allocation, which is what we are known for. we would have a healthy dose of not only equities. the market for equities appears to be decent. we would also hold bonds, u.s. and non-us. we would also supplement that with c