Seem first, welcome to the program, thank you for joining us. It does seem to be a bit of a monday. What does that 02 . Why does the investor looking to buy risk assets question mark james assets . James the fall to 2 is encouraging people to take extra risks, on the basis that they cannot find adequate return and fixed increase interest. So they are having return free risk rather than risk free return. Matt why does it make sense to buy u. S. Assets right now . If i look at the wei on my bloomberg to see the moves in equities, the big drops that we have seen in europe to date are astounding. 25 is the year to date drop. 8. 5 . P 500 is down it looks like investors will continue to bid up u. S. Assets, why . James if we look at prior periods where we have low real yield, we see higher valuations of good quality companies. In previous growth bubbles we have seen priceearnings move between 45 and 65 and adjusted 31 times. People would say isnt that really very low . Rates,s very low cash