exactly to the point that we're just talking about, the investment banking business, di dimon said that it was weak. he also said that the third quarter is started out like the second quarter. interestingly enough today. if you look at a five year chart you can see right here, europe and morgan stanley are one to one co-related. it's obvious from the chart and that's not we use the structure a lot. it it's. >> that's where you make the most money. that is where your profits are capped. >> so, today when morgan stanley was around $14, i bought the 13.11 put spread in august. what am i doing here? i bought one of the august 13 puts for 30 cents. i start to make money when the stock is below 1270. my max gain i certainly wouldn't short the stock. i think one way to play the theme just like we spoke about from the j.p. morgan report is to buy a put spread. >> the investment banking business is really in the dumps and i really wish it wasn't. it makes all the sense in the world. >> in general, people should be insuring their positions. if you don't collect on your life sheerns, are you reall