mr. hamill: and this is almost ironic. transparency is a core pillar.ve seen, almost by accident, some sort of flawed calculation under the european swapsthat would term most illiquid and they are not subject to any kind of transparency or reporting issue. it is the opposite of what we have seen in the u.s.. we are aware that is a challenge and we are working closely to try to resolve it. it is critical that he gets resolved because investors are paying for this. the cost that these implementations bring. if you get the cost of transparency with none of the benefits, it will be a long time before it gets fixed. it can be a very bad outcome for the institution. what is the business case for hedge funds given what hedge funds have delivered in recent years? a growing number of institutional investors seem to have for hedge funds. >> the case i would make for hedge funds starts with risk. client to have been able to build thoughtfully diversified portfolios of hedge funds can end up with a portfolio that looks like next income levels of risk. but different