barbara marson has more. >> what if there are new sanctions, how significant would that be? >> i think it could be significant. i'm surprised that we with haven't seen more of a reaction. we have seen a little bit of stock market reaction and the russian stock market and the ruble have reacted. but usually things like risky bonds, assets, sometimes you see reaction in things like oil. we haven't seen much reaction yet but i would say that is ahead of us. >> gold up a bit today, bonds came down, which indicates a little flight from risk. >> that could be. >> so taking that one off the table for now, earnings this quarter have been roughly flat. >> yes. >> up a little bit. there is an awful lot riding on better earnings in the current quarter and going forward, isn't there. >> i would agree, you know, we had the last couple of years -- last year the earnings were up 5% year over year, last year all the market appreciation came from multiple expansions. we can't really expect to get that this year so we have been hoping for a stronger earnings period and it really doesn't look