let's get to our guest host, noel o'halloran. great to have you back. rogers saying the worst air market will come in the next couple of years. there's a risk of another imminent route. do you agree? noel: i certainly agree it's too early to declare a victory in terms of the bear market being over. typically in bear markets like this there are three or four phases so we really just gone through two of those. ,irstly the pandemic itself just three weeks ago, i was in new york, and life was pretty normal. three weeks later we have the markets down 25% or so. they may have the authorities reacting in a very swift way. i think the next phases will be, first we need to see the medical outcome and we are certainly not there yet. europe and u.s. or six weeks behind china. next we need to see economic and earnings evidence before we declare victory. the base case seems to be for a v-shaped recovery where we see some kind of recovery in the second half of the year. if that base case in the market changes, more to look like an expectation of a double-dip recession