centerview and evercore are benefiting. >> centerview is doing great too.you don't have roger with all the connections. >> i would say fortunately we have the benefit of coming on every three or four months. we don't have to come on every day and come up with a new story. the fourth quarter was a strong quarter driven primarily, we believe, by end of year selling, driven by tax changes. but we have been going $500 billion to $600 billion a quarter. and that's just fine. it's not great, but it's not lousy. >> is it a new normal, do you think? is that pretty standard level? >> i think we're in a very gentle trend upward. if you look historically at 30 plus years of m&a, it is a cyclical. it is gradual because of the same overhang. >> would you agree -- go ahead. >> it's been like this five years. you have had $2.5 trillion global market at the top, down from 4.3,.4 at the peak. m and a is a lagging indicator. you'll first have to get robust growth. >> and that would explain why we have heard now for years so much cash on the balance sheet. if you do a deal ri