gerard cassidy is head of u.s. bank equity strategy at rbc capital markets. gerard, welcome. have you with us. who would have thunk that the financials would be doing as well as they have been doing, given the fact that it was just nine months ago that we had major failures of a couple of mid-level banks? >> very true, tyler. and when you take a look at what happened back in the spring, it was very idiosyncratic. on top of that, there was no contagion. the reason there was no contagion, the fed moved very aggressively, which was good, of course, but those banks' business models were unique to them. but to your point, now that we see the fed might be at igts tem gnat rail for fed funds and we might have a soft landing in 2024, these are two huge positives for then banks,banks, especially when it comes for credit. that's a real positive for the bank stocks. >> one of the things in your report from december 14th that you point out is that once interest rates hit that terminal rate, and begin to roll over, historically speaking, that is a period when banks outperform the broad ma