if you worried about the roll over which i am, look at conco phillips. that will be super defensive. restructuring continues. >> paul, thanks for your time and happy birthday to you and your son. >> max. >> happy birthday to max. we mentioned the emerging markets and you are concerned about japan that relies on -- >> more so than ever. they shut down almost all of the nuclear capacity and they are importing oil and natural gas for their energy needs. any spike in oil is going to hurt. you have an economy that is fragile and if you get an inflation boost and yield guess up 230% debt to gdp and it doesn't take much of spike in yields to hurt that economy. i would be concerned about that. >> value reported yesterday and slightly disappointing and beaten on the news. best play to play. in other words, new pipelines and unconventional drilling and deep water. the best in the world by this weakness. >> just to button up this conversation, what happened the last time oil was this high? this was according to the person who crunched the numbers for us. the last t