see as annoyed group of companies ben heiress he's editor in chief of business new europe and natalia orlova she is chief economist at alpha back all right daniel i want to start with you first here let's go back to two thousand and six two thousand and seven that was the last time we had a real slew of i.p.o.'s russian a pos then we had the financial crisis and now again we have another slew of i.p.o.'s coming from russia listing elsewhere we'll get to that later what's different now than in two thousand and six in two thousand so i think what we saw in two thousand and six and two thousand and seven was the russian economy was really booming at this stage and a lot of the companies listing into doesn't seem to to two thousand and seven were new companies in the sector so we're going to be the first representative of the retail sector or the real estate sector lots of new sites will come into the market people want to get exposure to this pos growing country these new sectors and they paid a pretty high valuation for companies and sectors they didn't know very well and then they found that