jean medecin still with us.alking about yields, in terms of the property sector, yields in office space come down quite a lot. 5%s talking about 4% to being the range he sees himself in. where do you see those assets right now? jean: i think the comments were very sensible, but i have two caveats. when we talk about commercial real estate, this is something ultimately linked to the business cycle. there is an element you need to factor, which is vacancy. that is one thing, if you want to have a little more balanced view on the attractive eddie of the assets. it is very different from real estate for housing. i would also say that we should not forget that ultimately, it's not a very liquid asset class. the idea that you are paying a premium in terms of yield for these assets compared to u.s. treasuries -- guy: some people like that they don't get the volatility. jean: but it is more like a kind of accounting mirror or smokescreen. it is just because you value those assets on a regular basis based on what you est