has issued a statement to cnb saying, quote, in his 32 years running aberdeen, martin gilbert has never approached anyone formally or informally about big the business. but what the market is doing this morning, they're speculating on a buyout. >> yeah. there's a lot of pressure in that sector. let's get back to rich kelly. rich, do you think the asset management industry is an interesting bet in terms of valuations at the moment or do you think it's living on borrowed time? >> that's certainly an area where you can talk about consolidation. you can see what used to be a great global macro environment. you have to look at ways to consolidate the returns and find where's the excess return in the world? >> there isn't any excess return, is there? >> there must be somewhere. it's always about innovating, always about finding it. whether it's finding the next crisis, whether it's getting the e.m. call right or wrong whether china will implode. that will get the turning point. >> now this has been quite a year of reckoning, i think, for a lot of people. especially for that shakeout which we