Prevalent absolute everywhere. Lets get a sense of where we go from here in these markets. A good time to take a look at where the rest of the year looks with davos kicking often switzerland. The World Economic forum now underway. Joining us for a little bit further down the road from geneva, the silly askew not geneva,of bank from the cilia skin not because gkionakis. Vasileios i think a major suppressor of volatility and supporter of markets is the fed coming out in october and starting to it bet to expand its balance sheet. Question is that the market clearly took that guy as long as the market thinks it is kind of kiwi light kind of qe lite. Does the fed start to pull back a bit from that support, and the market feels like theres maybe a little less monetary stimulus in the system . That would be one nearterm catalyst that could lead the market to change the volatility regime. Guy do you think Central Banks are brave and up at this point to withdraw some of this stimulus . Wouldnt say, i so. The injection of money the fed has put into the system since october has been justified largely on technical issues. That may actually be gradually withdrawn. In terms of a big picture perspective, are we going to see a reserve for a reversal of reserve Monetary Policy . No, i do not think we are in that territory anytime soon. Global growth is showing some tentative signs of rebounding, but nevertheless, it is very slow. Inflation has held in check. Theres no justification for easy Monetary Policy to start getting reversed right now. Guy do you see the lowvolume environment, we see low vol inequities, do you see any reason that volatility will go higher . Is there any kind of obvious catalyst to take it there, or do we continue to grind even lower from here . Vasileios i think if we take a big picture perspective, low volatility has been with us since Central Banks started expanding their balance sheets. Out, theset turns two things, lower volatility and unconventional and easy Monetary Policy, two things that seem to go handinhand, to the extent there is no change. I dont see any reason for volatility to start increasing, at least in a sustainable way. ,ccasionally we may see spikes but i still think that as long as we are in this environment of very accommodative Monetary Policy, i think volatility is likely to stay quite low. Guy one thing we are seeing at the moment is incredibly strong credit issuance. It is clearly being driven by Central Banks. This repo story has been part and parcel of that. What effect is that going to have for the rest of the year . They talk about policy acting with a lag. The money comes into the market and ends up in the credit market really quickly. What kind of effect is it going to have from their . Andrew it tells us that financial conditions are incredibly easy, and that is something the fed is going to have to take a hard look at. Clearly, easy Monetary Policy is warranted, but there are a wide variety of degrees that can have easy Monetary Policy. I think the risk for markets is that we have shifted back to this assumption that we are definitely in another round of sheet increases from the fed, and ultimately the fed says we still believe in easier policy, just a little less easy then what you thought. The other thing that i think is quite important about the credit issuance is often, you see a bit of a seasonal pattern where markets are very strong in december. That strength then brings a lot of issuance into the market, which is exactly what we are seeing in january, and then markets stop a little bit because that supply causes investors who may be started out the year more neutrally positioned to all of a sudden be quite long, and theyve had to buy all of that issuance. Guy hold that talk for just a moment. I want to bring a little bit of breaking news. Boeing is the subject of that. Theres a story being reported now suggesting that boeing is borrowing banks about potentially 10 billion or more. This is we continue to see what is happening with the 737 crisis, and very little sign that is going to be resolved in the near term. Theres a suggestion that maybe that aircraft could be renamed, but that is further down the road. The question is how quickly can they get this aircraft back in the air. Maybe dave calhoun is trying to buy himself a little stability by going to the banks and seeking to borrow around 10 billion. What kind of cost of money we will be looking at their. We will come back to that story may be later in. The program thats get an update on some of the markets with henry horton. With annmarie hordern. Downrie the stoxx 600 is ahead of key risks coming up this week. The cac 40 and france down nearly 0. 5 . U. S. Futures pretty much muted. We are seeing relatively low volumes given that the u. S. Is on holiday for Martin Luther king jr. Day what they are saying about key risks coming up for the week, Central Banks are in focus. Fresh of that, we have corporate results to watch for, especially european banks, and policy makers and top executives gathering in davos. We have to look out for any key issues brought up there. We can look at what is going on across assets. Brent crude above 65 a barrel, just barely. We are seeing these risks to supply in libya and iraq. You were talking about this. The fact is the market just keeps shrugging off a lot of the supply risks because theres too much oil in the market, notably u. S. Shale. 1. 2997d right now, against the u. S. Dollar. A lot of speculation about an imminent bank of england rate cut. We also have u. K. Jobs day tomorrow to look out for. Flat, butyen barely theres been a little bit of weakness. That will be in the spotlight in tomorrows fx trade because we have the bank of japan. Potentially, we could see them raise their growth forecasts. Guy it is worth also noting that boeing, a week from wednesday, will be reporting earnings. Remember, use one of the great functions on the bloomberg. This function is gtv. It allows you to browse all of the recent charts we feature on bloomberg television. Catch up on the analysis that goes with them. You can save them as well. Fantastic resource. This is bloomberg. Guy welcome back. You are watching bloomberg markets. The u. S. Is closed today for Martin Luther king jr. Day. Very light volume here in europe as a result. Lets get a first word news update. Here with the details, laura wright. Laura an outbreak of pneumonia in Central China has gotten even bigger. At least three people have died. Health experts say there is evidence the onus is spreading from people to people. The imf predicts the World Economy will strengthen this year, but not by as much as it previously forecast. The fund says growth will accelerate from 2. 9 last year to 3. 3 . That would be the first pickup in three years. The imf trimmed its forecast from leist fall, citing threats related to trade tensions in the middle east. Baghdad Security Forces have fired live rounds and tear gas at antigovernment protesters. At least two people were killed and dozens wounded. It is the latest in a series of uprisings that began last october. Thousands have taken to the streets to protest government corruption and unemployment. The two sides in president trumps impeachment trial have previewed their arguments. House democrats and the president s legal team filed their first formal brief over the weekend. Democrats say the president s misconduct made him a threat to the nation and the rule of law. s the president law your the theidents lawyers call impeachment and attempt to overturn the election. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im laura wright. This is bloomberg. Guy thanks very much. Lets get back to the crude market. Rentping up above jumping above 65 a brent jumping above 65 a barrel. The price is not that high on what would traditionally have been a big event for the oil market. Joining us for more details on why is bloombergs will kennedy. Why . Will what we are seeing every time there is an event in the middle east is a wave of selling ready to meet that spike and bring it back down to earth. The reason for that, shale. There are a lot of shale producers in texas who are financially trying to tighten their belts, and they are selling into every rally to lock in oil prices, to make sure their production will be profitable, and to lock in those prices. We are seeing this again and again. We sought after the killing of general soleimani a couple of weeks back. Every time we get an event that causes a spike, you get this wave of selling from texas shale producers that brings things back down to earth. Guy what would it take to get Prices Higher on a sustainable basis . Will it is worth saying that each of these events has been temporary or is expected to be, in the case of libya. I think people expect there to be some sort of deal, and that this is part of the bargaining process on the part of general have to are of general ha ftar. Materially, changes if we saw prolonged outages in libya, if we saw a flare up in relations between the u. S. And rock or something in a that took off production for iraqtime in iraq in that took off production for some time, it would have an effect. We are almost through winter. They are about to start the maintenance season to get ready for the summer gasoline demand period. Inventories remain ample. People see a little but of oversupply in the market, even with opec cuts. Theres a bit of give in the system as well. Guy thats where we are with supply, but if we were to see demand weakening from here, if we were to see demand picking up from here, with the supply story which is reasonably well understood at this point in time , as youve laid out what happens, is demand the variable priced . Likely to be will when you look at the way 2020 will develop, that rests on optimism about the Global Economy, about the trade truce giving some impetus to Global Growth in china in particular. If theres optimistic assumptions dont come through, then the oil market is really in the balance and might be slightly oversupplied. Vasileios with us, iionakis of bunk lumbar dowdy odier, ande lombard injure sheets with Morgan Stanley. And sheets with Morgan Stanley and andrew sheets with Morgan Stanley. Where do you see the dollar going in 2020 . Vasileios we think that the dollar is going to be in secular decline. Say, buty, i would nonetheless, it is a fundamental headwind for the dollar. The important thing i think we need to ask ourselves is what was the trigger to sin dollar higher in 2018 and kept resilience for the first half of 2019 . By and large, that has been the slowing of the Global Economy thatse of the uncertainty was created due to the u. S. China trade tensions, and at the same time, the u. S. Outperforming pretty much every other economy in the world, which was largely driven by u. S. Fiscal stimulus. What you are having right now is working at pretty much in reverse. I dont mean to say the u. S. Economy is going to slow down materially, but it is going to slow down and has started slowing down. At the same time, the rest of the world is modestly picking up some steam. That increases appetite and makes the market be more attentive to fundamentals. From that respect, i think the dollar is likely to be on a course for depreciation against major currencies this year. I think emergingmarket are looking to benefit this year, especially those that are high carry. They are exposed to global trade. They have relatively improved balances, and they have more policies that ive already priced in. Emerging market have actually eased in a very orchestrated fashion in 2019, which gives 2020. Lot of growth for guy theres a bunch of questions i could ask around that, but im curious to come back to the oil story in a little bit more detail. Marketcks in the oil seem to be in very different places right now. The dollar is a factor in all of wondering what the incentive is for even thinking about investing in energy when davos is going to spend their time talking about sustainability, youve got the story about owning toxic assets growing and growing. Look at what blackrock was saying last week. Walk me through what the Investment Case is around the oil market. Andrew i think you raise a great point. I think theres a difference in time horizon at the moment between investors in the physical commodity, who are focused very much on the here and now, what is the latest cannote, and how affect supply, and those focused on the longterm will tell you the multidecade story in Energy Companies and what is the longterm future, how that will affect the value of the assets over a long time. I think thats a picture were a lot of those investors have come out more pessimistic, which has driven that sector down to a relative low. That is a time factor difference that doesnt go away. But the thing that is interesting is if you look at the physical market, the time spreads are extreme. So yes, at an optical level, theres a disconnect between the Energy Company stock prices and what is happening with oil, but the oil market itself is telling you this is only going to be temporary. That Energy Prices 12, 24 months lower. Much the thing that might cause those to recouple would be that the , thatal oil market sang forward curve flattening out, that would force the energy stop, takeo have to notice, and say wait a moment, these quite higher prices are here to stay. Maybe we do have to have a somewhat higher premium for the. Guy you can pick up some incredible yield at the moment in terms of what is happening. Bp is just one example. Again, staying with this kind of green theme that seems to be dominating davos this week, about is really focused the green deal in europe. Isope screen deal europes green deal youre a positive green deal europ euronegative . Vasileios if we are to go down this road, this would undoubtedly increase public spending in infrastructure to eache and facilitate direction. If there has been one thing that European Assets including the year have been lacking over the past few years, it is definitely an increase in public spending. That potentially applies by and large to germany. Any fiscal package, any fiscal euro,lus coming in the if indeed it goes toward the green energy going forward, i think it is going to be positive for European Assets because it secure private investment. That is exactly what the euro has been lacking. Guy i read this morning about not white swan, black swans, but greens but green swans. Plenty more to come out of davos and the rota comic forum. Stay with us the World Economic forum. Stay with us. This is bloomberg. Guy u. S. Markets closed today. It is Martin Luther king jr. Day. European markets about the close. It is time for a Bloomberg Business flash. Bloomberg has learned that thyssenkrupp has narrowed the list of bidders for its elevator unit, expected to fetch more than 17 million. Brookfield is also looking like it is going to carry on as well. They are going to compete with the other remaining firms. Buysystems has agreed to assets made available by the merger of raytheon and usd. It is buying the tactical radio operations. Like volume here in europe because the u. S. Is closed. As we head towards the end of trading in europe, this is what we look like. Ftse 100 down by 0. 4 . Dax a little bit on the upside. Cac down 0. 5 . But luxury stocks in particular under pressure, caused by this illness sweeping across china. This is bloomberg. Guy that is what europe looks like from 30,000 feet. Not that negative. The real takeaway is how negative volumes are. The u. S. Is closed, as a result of which you see a big chunk of change coming out of the volume story. The ftse 100 down. 3 . Losses coming through in italy. That is what the session looks like. A little bit of a move lower. High trading range in terms of what we see in europe. You what the screen looks like. This is by bloomberg. Function youvac can find on your bloomberg. That is the 30 day average. That is where you will normally be. Where we are with the white line, that tells you where we are today. Two lines spreading out as the day has progressed. The message im trying to give you is like volume. The big spike on the bar chart is the normal close. The blue line is where projected volume is. In terms of the volume we would normally expect. In terms of some of the individual names, this is probably the most exciting part of the market, lvmh is trading lower, down 2. 22 . The reason is we are seeing concern about what is happening with this chinese virus creeping into some of the luxury stocks. It is a big travel time. You could see this virus becoming more serious. That may affect shopping in asia. Air france is down. We have seen a spike in oil higher, but we have seen a downgrade on air france. Trade is down 5 . Bae systems picking up. Honeywell merger, they are being forced to split some of the assets off. The price action around 2 billion, and bae is picking up those assets. The stock up 3. 62 . Those are some of the individual movers. We are done and dusted in europe. Given the volume levels, i would not expect a lot of action. The earnings season is underway and we will see more of that this week. We are seeing names like netflix reporting numbers. Morgan stanleys chief process at strategist still with us. What would get the market used up about equities this year . Last year incredible appreciation and stock values largely driven by lower rates. What will it take for us to carry on . Uprew we are pretty juiced right now. We have had a strong january. A lot of that is on the combination of confidence that growth is Getting Better but also this view the fed has the markets back and is buying securities at 60 billion a month and that is providing a qe boost even if the fed will say is not technically qe. The question is where we go from here . This is why the next couple of weeks are crucial. The fed at the end of this month may give us some indication of how it views the accommodation and how much more we will get. We have key earnings coming in over the next couple of weeks. That will be important given how much multiple expansion we saw last year. Can companies deliver . That was the story of 2019. We had the enormous gains of stock markets but it came entirely from the multiple. You have earnings expectations that did not grow. 2020 is the show me part of that market pattern where we had the hope expand between 2019, we have the multiple expand, now 2020 is about can the earnings deliver. Guy kennebec multiple expansion is it always can a big multiple expansion it is always followed by some sort of earnings pickup . Andrew when the multiple picks up this much, there is always a pretty material Earnings Growth message behind it because the market is smart. It can anticipate. That is what is crucial about our forecast. We do see earnings picking up a lot in markets like korea, brazil, japan, those are all equity markets. Where we think the earnings will pick up after a disappointing 18 month span. It is the s p 500 where we are most below consensus on earnings , especially in small cap u. S. Equities. That is the segment of the market i am most concerned will not be able to live up to those expectations. Guy any pickup in europe . Andrew i think we do see a pickup there. Europe is the one market where the multiple can keep going up. That is where the multiples could like most. We think the multiple the market could feel better with less Political Uncertainty around exit. Around brexit. That is one market where we have the earnings going up, but we also have multiples going up. Guy what about the u. K. . Andrew it is a market we like. It is a market that is cheap. It is a market where we are above consensus on growth. Morgan stanley thinks the u. K. Will be aggressive. We think positioning is low. It is a highyielding market. All of those factors will help them be in outperforming market. Guy you do not think we get a rate cut . A lot of people think we now get a rate cut on the bank of england. Morgan stanley is a no no. Andrew we are more skeptical. Given the size of financials and the equity markets, given the rates to those earnings, i could see a scenario where the market takes a rate cut view negatively rather than positively. We will see with the bank of england ultimately does, but we think it is still close call for january, and the market is currently anticipating too many rate cuts. That is something my colleague tony small is based on. He thinks the rates are too aggressive in the u. K. Guy in terms of the rotation we are expecting to see, the market still has a largely defensive bias. You can see that in many of the drivenmarkets elopement by the earnings finally coming through. You will not get the big multiple expansion story. To what extent can i get an even bigger bag for my buck by getting the rotation . Andrew that is another fascinating aspect of this market. We had a great 2019 winter 2020 and gains were still strong. There was this sense the coast was clear. You are right. The market is still being led in a very defensive way in terms of its underlying leadership. That suggests the market is quite nervous about the underlying economy in growth. Where will that matter . Where we think the rotation will be the largest is outside the u. S. , markets like korea, like japan, early cycle cyclical markets. That is where you get the bang for your buck in the style rotation. For the u. S. And might be too early to have a value versus growth bias, given we think growth will be slower to change. Outside the u. S. , you see a more pronounced value versus growth rotation. Guy thanks for stopping by. Andrew sheets, Morgan Stanley chief asset strategist. Lets check for the european markets have closed. Like volume session because of the holiday in the United States. This is the picture. The ftse 100 down. 3 . The dax up. 2 . Picked up a little bit. The cac 40 firming a little bit in the close, not by much. It was dragged down by some of the luxury names. British American Tobacco doing well and bp. The oil sector negative on the day. Those are the markets. That was the close. This is bloomberg. Guy the u. S. Has been closed all day because of the holiday. Lets check in on first word news. Richmond, virginia, authorities are protesting are bracing for a protest by gun rights activist protesting the plans to pass gun legislation. The governor has declared a state of emergency which is allowing him to ban all firearms from the demonstration. Militia groups and White Supremacists are expected to join the progun activists. President trump will deliver the opening remarks at the World Economic forum tomorrow. He will celebrate his trade deal with china while warning against socialism. That is the same time his impeachment trial be getting underway in the senate. In norway, the Prime Minister has lost the coalition he sought to build. His main ally with the government over repatriation of a woman who fought with the islamic state. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Laura wright. This is bloomberg. Guy thank you very much. se fidelity ceo and richards warning of a conundrum negative rates pose. She gave her first interview of the day to Francine Lacqua at the World Economic forum in davos. Terrific yeara for every asset class you could imagine. When you had a year like that where you see asset prices rise ahead of earnings, you are a little bit more vulnerable to some degree of volatility correction. Seen. S going to be we have also seen the political tensions wax and wane. It would not be a surprise if we saw market setbacks at certain moments during 2020. It does not feel like the pieces are in place for a substantial Market Correction unless there is something meaningfully different in the current shape of the Global Economic and geopolitical picture. Francine are negative rates going to go deeper into negative territory . Anne that is a real conundrum. We picked Something Like 17 billion in terms of bond yields returning a negative yield. That has come back a little bit. Since then youve seen sweden normalize rates. I do not think any of us who watch bond markets would say we are out of the woods. This is imaginative work we need to go on in terms of Monetary Policy. Negative rates are very depressing effect on Consumer Behavior at the economy at large. We do want to get beyond the point where negative rates have become a reality for quite a few markets around the world. Francine where you see the biggest risk . Anne in 2020, there are two things i would call out. Markets have moved ahead of the underlying economy and earnings. Markets are concentrated during the tech sector so you have not had a broad market. We all roll rubble to headline level setbacks. There is an element of gapping out which is a potential risk. The more broad, which is not specific to 2020, we do see when we look across the landscape of regulation, that liquidity is becoming we are seeing capital being allocated, being trapped with individual legal entities, within businesses, which means we are getting these bouts of volatility just because the capital cannot move around, the liquidity cannot move around the system as rapidly as it needed to. You see strange movements and that remains a risk. Francine is it something that could be sinister or if you look the repo market, is it something a little bit mechanical which the fed has now fixed . Anne when we talk privately to central bankers, they would express more concerns about this than they do publicly. It is because nobody is quite sure. If a series of idiosyncratic event, of which there been more in the last 12 to 18 months than previously, are related or not, and are they evidence of too much stickiness in the system or is it just happenstance . Are they a bunch of unconnected events . Because we know what it feels like when the market cannot find the liquidity it needs, and given we had some larger geopolitical events, for example the u. S. China trade tensions, which have impeded some of that flow of capital, i think that means we have to be live to maybe it is not idiosyncratic. Maybe theres something more systemic and we have to be ready to move quickly if something does happen. Fidelity ceoards, speaking to Francine Lacqua. Francine has had a busy day. She has also been speaking with the European Commission president good they ticked off their conversation talking about the failed libya peace talks over the weekend. The conference in berlin was an important step forward because we had not only the five permanent members of the therity council, but also arab league, the african union, and the European Union, and other crucial players. They all agreed to the ceasefire, to go into a process where we have the five to five military committee negotiation, and to have a structured process to report reconciliation, reconstruction, and finding a solution. Francine is it time europe gets an army . The European Union started to build up the European Defense union and the armed forces are put together by the member states. It is important to have interoperability between the different armed forces, to have a common system, which we are building up, and the European Union needs to have hot power but always together with diplomacy and crisis prevention. Together with comprehensive security. Francine what are you expecting from trump tomorrow as he addresses the forum . I am curious to listen to him and started dialogue, that is what davos is therefore. Im interested in the trade topics and also the technology topics. Francine do you worry there could be terrorists against france and germany and the eu there could be tariffs against france and germany and the eu from the u. S. . The important thing is to sit down and negotiate what we will do. We have so much in common and are so many fields where we should Work Together to improve things. I think it is important not only to talk about the trade topics, but also the topics where we have common interest. Francine where you see the relationship between the u. K. In the eu headed . We are going into negotiations. The u. K. Will be a country. There is a difference between being a member state and having access to the Single Market. We have to negotiate our relationship. We are friends. We are partners. ,e share so much experience geography, and history. We know we have an excellent relationship. Francine you worry about not having a level Playing Field . It is a matter of the uks choice to decide. The more they align, the easier the access to the largest Single Market in the world. E they distance themselves this is a matter of negotiations we are going into. Francine are the tones of the top fruitful or antagonistic . We want to build up a strong relationship. There is a question of how close to the Single Market will the u. K. Be or not. This is what we have to figure out in the negotiations. Talk to me about the new green deal. The critics say there is not enough new money. What is your response . There is a lot of money. Money,ill be european. Here will be private money that is a huge amount of money wave. Ill unleash a green we know theres a lot of innovation we need to step forward. What sectors will benefit from this . We have two parts. One is innovation, clients are deeply involved. Innovationother is and industry, and the people, because we do not want to leave anyone behind. Regions have to go through a deep transformation and there we will have a lot of support to help them step up to new industries. Francine what is your biggest concern for europe . Now that we have u. S. China trade, how much is that helping . It is good there is a u. S. China agreement. This is very positive. I think for us it is important to figure out the Investment Agreement with china that they are working on to go into this year, but also to have a close and fruitful conversation with United States where a common field is and where we have to follow. Francine is the u. S. Your hardest relationship to manage . Now. The United States are our friends. There is a Solid Foundation built over at least 70 years of friendship, of cultural exchange, of research exchange. We should never forget about that. I know on what side of the table i am sitting. This is the side where the is, but of course we have issues and we want to solve them. Francine what you want to hear from the World Economic forum . How we will build a more sustainable economy, because Climate Change is sitting at the table. Francine do you feel companies are engaged . Oh yes. When you look at the global report, the five top risks for the economy are all climate related. Report shows clearly we have to step up. It is a huge opportunity for the. Ndustry the European Commission president speaking with bloombergs Francine Lacqua. Plenty more from davos. This is bloomberg. When you move homes, you move more than just yourself. Thats why xfinity has made taking your internet and tv with you a breeze. Really . Yup. You can transfer your Service Online in about a minute. You can do that . Yeah. And with twohour Service Appointment windows, its all on your schedule. Awesome. So while moving may still come with its share of headaches. No kidding. Were doing all we can to make moving simple, easy, awesome. Go to xfinity. Com moving to get started. And with the sXfinity Stream app, screen is your big screen. Which is free with your service, you can take a spin through on demand shows, or stream live tv. Download your dvrd shows and movies on the fly. Even record from right where you are. Whether youre travelling around the country or around the house, keep what you watch with you. Download the Xfinity Stream app and watch all the shows you love. Guy tempora Bloomberg Business flash. A look at some of the biggest business stories. Another up up quarter for a star investors. The global fund fell by 3 billion. That was after he backtracked on two laws making investments. He announced a move into haven et inncies after a bi argentina. Apple ceo tim cook says everyone knows the tax system needs to be overhauled. Apple says the debates need to take place at the global level. Tim cook spoke in dublin. Apple is appealing of 4. 4 billion bill for back taxes from the European Commission. That as a sign conservative when in the election boosted u. K. Homeowner confidence. 2. 3 s rose this month by an average of 40,000. Do the calculation into pounds on your own. Taking a look at where markets closed in europe. Very light volume. The u. S. Was out. It will return tomorrow. The ftse 100 down. The dax a little bit higher. Lower by0 dragged luxury stocks affected by the virus sweeping across china. Thank you very much for watching. This was the close. This is bloomberg. The following is a paid program. The opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. The following is a paid advertisement for time likes music collection. It was the decade of eight track tapes, rotary phones, big consul dvds, tower sized stereo speakers, and great songs on 45s. Keep