hans reddick of barclays and antonio pascual -- hans redeker of morgan stanley and antonio pascual.ave real names. the heart and soul of this matter was the end of the china boom in the commodity boom. your commodity analysis and morgan stanley with your foreign exchange analysis, is there any sense of a new commodity boom or a super commodity cycle? i would like to make two remarks. when you look at m&a activities at the state cycle, when you look at the performance of oil, oil tends to prove -- tends to outperform in late cycle. gloomy andas pretty promoted long positions -- at around.e -- people came is that assignment everything is rosy? those type of activities, it tends to be a late cycle and then you have to think about where does the first doom drop? it is always where the first credit risk was. ,his time is emerging markets at that time it was in u.s. corporate bond yields. the spreads went wider. -- you translate at translate that into currency analysis. commodity markets are not good for the long-term. we are suggesting that when china is progressing, it is going to be th