obviously one of the highest profile deals was melrose acquisition of gkn. up their return, so those are two possible friends, one thing i would say you do tend to see the animal spirit activity quite near the top of stock market cycles, four ftse bids, the highest number is six, and that was 2007, just before the great financial crisis started, so let's see. let us talk about barclay, posting a pre—tax loss for the first three months of year. investors some saying it's a disappointment but not a disaster, how would you assess it. mixed number, there was a headline pre—tax loss but all of that came from that us fine you mentioned and yet more claims for payment protection insurance, another a00 million. that isn't going to go away until 2019. if the bank can keep its nose clean, avoid fine, avoid lone losses, it will be an extremely profitable bank, the fact is it isn't keeping its nose clean, although we are through the us investigation, the whistle—blower blowing, we still are the serious fraud office investigation, so there is still more potential difficu