mr. schwarzman, let me ask you about opportunities that you have identified and your team has identified as investors. you operate already across many different industries across many differenteographies. hilton hotels, sea world, commercial real state, construction materials. where are you finding the greatest opportunities? >> well, right now real estate, commercial real estate is really very interesting. >>> in the united states. >> in the united states for sure. it probably has morepressure on it in europe but there are going to be a lot of european institutions selling loans. and the opportunity in real estate is not necessarily buying the equity in real estate because it may be overvalued. but these huge amounts of loans that were made near the top of the cycle where they need to be refinanced when they come due. we tend to buy some of that debt, the right part in the capital structure and convert that down into equity. so we're buying at a new value. >> tom: where are the weaknesses that you see? >> europe is the area of greatest concern. european base businesses, european financi