james bevan, do i take my portfolio and sit on it? do i recession proof it? james: tom, i think the single biggest challenge is a demand shock turned into a supply shock. if you think about what is going on, a lot of companies are finding it difficult so there are some signs there's already a supply shock in the making. people see the number of who have jobs in the u.s. getting to decline. i think we have a much nastier risk. on top of that, there's the issue of who is the buyer of u.s. equities. companies buying back shares being the significant swing factor in pricing. there's a chance in the current credit focused marketplace, company say, we really didn't want to spend our money on buying back shares. we might need it to run our companies. to me, this is still an issue of sticking to quality. , thosees in the u.k. names will weather the storm well. i want to ask paul donovan about recession. let me ask you this, how bad will growth be? paul: we will get growth later this year. remember, markets, forecasters, universally underestimate the speed of recovery