ibach says we know can make earnings report look better and foster short-term thinking in the corporate governance. can you comment on the impact of this and other regulatory changes that contributed to current investment environment is should we be seeking to limit buybacks as a means of promoting private sector investment? >> thank you for your question. i have seen the hypothesis put forward about that 1982 regulation has played a role in the rise of buybacks. this really the case that buybacks have risen over time is not just a recent. i haven't seen and reviewed the research in terms of assessing that link, i don't have an opinion on it i'd be happy to look into it more. one of the most important questions for us to ask is what can we do to make sure companies have good things to invest in and make sure that we have a dynamic system in which new businesses are being formed and coming into existence. if you have a large mature company that doesn't have great investment projects i'd rather the money go back to shareholders and they can allocated to some other part of the economy that