joining us right now is jim tisch, president and ceo of loews corporation. good to see you this morning. >> good morning, becky. good to see you. >> good morning let's talk about your earnings number. first of all, there's a little confusion. we're talking about how you earned $1.19 a share when you strip out items. if you include everything it was 78 cents. the street was at 98 cent. the wires are saying this was a larger than expected loss. what do you know about what the analyst know and how we should be reading this? >> my guess is they're looking at net income which includes realized capital losses. if you exclude capital losses the earnings would be $1.19. >> what does the street know about and what does the analyst on the street not know, is the question? the stock was trading higher last time i looked. >> i guess -- well, the street doesn't adjust -- they don't -- they don't try to predict capital gains and losses. we have capital losses of $178 million but we had unrealized appreciation in our portfolio of over $3 billion. >> why don't you tell us a