we are joined by marvin barth. bosomworth. marvin, what is going on with the market? it seems one day we are getting 10% and the next day we are losing 20%, and nothing fundamentally is changing other than market apprehension. andrew: we have had market apprehension hanging over the market the entire year and i think people have been reticent to take significant positions. as a result, that has taken some short-term volatility. you, -- against guy: it is because of the risk offices. look at what central banks are doing and look at the market reaction at the moment. is that what has changed? they go negative in japan, the exact wrong direction. there is a lot of nervousness around that. it is the belief in central banks that they are starting to change. marvin: there is a broader issue that is a question about global growth, background concerns about china. some softness in u.s. data. we do not particularly agree with that but some people are starting to be concerned about whether the last engine of growth is rolling over. as you point out, there is this question overh