overall, you think that the bank earnings will be mezza, mezza, one part of those banks will do better than others. which is it and why? >> well i think that the banks that are more concentrated in the carpal markets base are probably going to do better this quarter. as you point out, the quarter contains some good elements and some poor elements one of the strongest elements has been capital markets results, the brokers should reflect that we think. >> who do you like as an investment strategy for the longer term investor who wants to play in the financial arena. >> sure so the -- my topic in this space remains morgan stanley, it's exposed to this quarterly trend, the secular story there is pretty good. and we also like some of the other larger banks that we think are positioning themselves for better longer term growth such as bank of america. >> bank of america, goldman, i assume would be one that you would like as well because of its exposure to the capital markets? >> this quarter, i think goldman is longer positioned. the longer term story is a bit tricky with the global economic