since the gsc. this is one of those points i'm going to perhaps want to laugh about in a few years time, but i actually think as we look at the barriers to entry in this space, if we look about the cost of running our businesses, if we think about the scale that we need to operate at, and the multiples that we are starting to see coming down, i think this could be an interesting time for consolidation. francine: but why has it been a long time coming? regulation, or they were just no appetite? robyn: when cash is free it softens that. i think the moment where people need to deploy at scale in liquid markets, if you look at the trend, trend has been in private equity. you think about the number of assets that no longer sit in the public domain, that has been a theme over the last 10 years. when private equity doesn't have quite as much cash, when racing is harder, these opportunities for spaces and expertise to come about, they want scale. they need to operate at scale and having an organization that