to give a little more context on nomura specifically, let's get more from morningstar.ning thank you for us. they announced $1 billion in cost cuts. i have to wonder, is it enough to turn around nomura back to profit next year? michael: yeah, but cost cuts seemsime -- so far, it they have been same size or slightly larger than cuts in 2012 and 2016. is aer this alone fundamental change to their overseas or global strategy, right now, it seems they are still hedged but the fact that they have written down all the goodwill that they got from buying assets from the lehman brothers estates opens the door for them to shut these businesses for good if they do so choose. i think they million -- may still be hedged as whether they will bite the bullet. say overall,you because they have written off goodwill from their transactions 10 or 11 years ago, is the worst pretty much behind us? well, certainly we won't have large write-downs anymore from the lehman transactions or global financial crisis. but yout is behind, have the chart of the price-to-book ratios and various investme