been running your business with -- there was a british prime minister in the 1950's and 1960's, harold macmillan, someone asked him a question, they said, prime minister, what blows you off course? he answered, events. events blow your plans off course. a global statesman, mike tyson, and someone asked him, people have a plan to beat you. he said all my opponents have a plan to beat me until it punch them in the mouth. in the ceo field, you get punched in the mouth metaphorically a lot, whether industry issues, competitors, you have to adapt. francine: in a financial crisis hardly anyone saw coming, what did it teach you, how could we not have predicted it, that regulators did not know how to grapple with it or the fact we are still suffering from eight years on? mark: the markets had over exuberance in the times of good times and they get way too bearish in bad times. we saw at the time we converted the loss of aia balance sheet into cash. the fundamental aspect is short-term. the markets are short-term and they become short-term for the nano second, and there are ceos and leaders. and as media