i am less keen about his comments on infrastructure. erik: how so? jimth infrastructure is a technological change point. use of infrastructure is going to change. i think we know that. one of my favorite quotes on infrastructure came from one of our clients, who is one of the world's biggest investors in infrastructure, and in a fairly lengthy conversation he said to me "we don't want to be caught in the canals of the 21st century/" remember the history of the canals in the northeast and england -- they were built at great expense and obsolete by about 1830. mr. flatt: it is funny you should bring it up -- i asked him about it. renewable energy, solar technology, wind, autonomous cars -- how will that change their views of things like highways, for example, or the power industry. he said, of course, it is going to change, but it will take 25 years for these changes to really bear fruit. they are comfortable -- and furthermore, you are still going to need some of those assets. transmission lines, for example, highways -- they are still going to be here. j