. >> former chairman of ubc, joe, we are talking about the business types and how it affects folkings-- folks average psyche and gives them pause. had it gone on much longer and wide spread, the imentpact economically -- impact economically would be severe. >> that's what happens if more and more incidents such as this, it would have locked down the whole country as it did boston. >> joe, you said the not with standing, you were worried already about the underlying fundmentals of the economy and market. what did you mean by that? >> separating the two, the economy and the markets are kind of acting like on one side slow growth particularly on the revenue side world wide including china and we understand the dependence on what is happening with the feppeds -- feds with the zero cost of money . on the other hand, we have an issue of people looking for a safe haven. united states is probably the safest democratic country right now and a growing acceptance that interest rates will go up. particularly in 2014 . they are rotating on the bond and going into the equitty conflict. you have a g

according to ubc the manajority came from where revenues were expected and lower costs helped as well when i spoke to brady dugan this morning he was optimistic about the next couple of quarters as well. >> we're medium term constructive on the economies around the world. you have volatility and ups and downs even during a quarter but we feel constructive about things. i would say so far in april we're only a couple weeks into it but we feel like market conditions are pretty similar to what we saw in the first quarter if you take out very strong start to the year you see in january. we feel like things continue to be constructive. i think our business model is one that is as we said resilient and will perform very well across a number of different conditions. so again our first quarter results we think show that strategy is really working. we saw very strong results, strong returns which is the most important aspect and we think that's going to be something that's durable over different market conditions through the rest of the year. >> reporter: let's continue the analysis of first q