ball lapse sheance sheet i underappreciated people leverage up and do stock buybacks for a penny asharet's an expensive penny i takes away the optionalty in times of crisis. interestingly i was look agent the five or six tech companies we consider driving the whole economy right now with 25 % of the market value there's no debt on those interestingly, that $5 trillion of market cap, they don't have one cent of debt which is kind of goes against the whole idea that you have to maximize your balance sheet and leverage so really your answer for us was we've been preparing we didn't know when a crisis would hit. but to be -- we have no debt we have excess capital and we believe these are moments in time like 13 years ago where you can create enormous value if you have the optionalty to do it you need the flexibility to do it >> right right. well, you mentioned debt, and there are plenty of companies that have too much debt and not enough sales right now i know you expect that there's going to be an up tick in m&a. is that going to come along with continued activity and restructuring or at t