Thanks Patrick, I'm not sure on the bull case side that our banks are better capitalised than before and the risk is still there. The risk of mortgage holders and businesses defaulting on loans. The risk of margin loan and leverage unwinding. The risk of very tight margins and possibility of zero interest. Banks are being squeezed from all angles. I'm also not sure on the bull cases side that the downturn will be short and sharp. Definitely it was sharp, but I'd have to question if it's going to be short.