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So I mean I suppose you men however have confidence in the growth inthe innovation in the derivatives markets especially from a hedging standpointis however valid and that couple of fellas in this article is absolutely just a lot more of a function ofmisinterpreting markets?

Yeah. I'd Assume the way in which to consider these stockawards is, should you believe a comparatively stage amount of stock awards around thenext three years, and I don't know if that is a great assumption or not, but ifyou make that assumption, the $700 million that we awarded this 12 months--a thirdof our vesting time period is, essentially, a few many years—so, kind of, that willamortize in the next 12 months. Whatever subsequent 12 months's award can be, that wouldn'tstart amortizing right up until the next calendar year.

Therefore you said you had produce-downs of warehouse facilitiesthis quarter the amount do you have still left on All those services and the amount of ofthose happen to be written down?

We've seen hardly any spillover impression from the problemsthat we experienced during the large-grade cash and the other places in asset management. Wedid see Internet optimistic inflows through the quarter, so we have been encouraged.

The solutions organization experienced a fantastic calendar year, several theestablished cash that we experienced there have performed very well.

No, It can be really the gains have been more compact. The gains werelarger from the third quarter than they were within the fourth quarter.

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We monitored most intentlyour funds ratios which I claimed are actually pretty powerful, and we think are quitehigh relative to look comparisons on the extent that that's you're capable of doingthat.

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Thanks for your personal feed-back. The difficulty we try to unravel is the fact that Lots of individuals on the globe don't have any bitcoins with which to perform transactions.

But when we look inside the combination of that equilibrium sheet,Evidently home loan inventories are declining largely because There may be quite littleintake within the origination aspect, very lower levels of warehousing for possibly CDOsor CLO functions pretty much very little in CDOs definitely.

What we are trying to speak is that there is a trouble (possibility) that isn't currently being dealt with at this time, and we predict Now we have a fantastic Option to it.

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The variations that we're building type of block in, in phrases ofthe assistance durations which might be necessary to obtain the award, which, not surprisingly,we have done so as to deliver extra retention, and that will have theeffect of necessitating Those people awards to generally be amortized Down the road.

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