tom: let's get distressed with han's humor -- hans humes. 10% corrections once every two weeks. while and see everyone run around with their hair on fire. tom: that was an hr issue right there. how do you respond to the frenzy you see over small pullbacks in the equity market? hans: my hair has already burned off, so watching other people these small the -- to these small moves in my view. i think it is healthy. i am not an equity guy. i am very much removed from the u.s. market. when people start getting a little spooked, track it and make sure you keep tabs on when the sentiment overflows becomes a general risk off market. kate: that was very much a sentiment issue and when you're looking around blackrock and my colleagues on the street, people did stay relatively calm because the macro data was really strong and the earnings numbers were really solid. that is always the key, what is going to be sentimental. hans: it is an interesting dynamic between short-term and long-term and medium term. the tax plan provides a real boost to equity. you did the overhang of the deficit and