i am here with nick beecroft.k, let's talk about if there were to be a correction, where there be a change of direction? where is the spark going to come from? -- where is the spark going to come from? property prices fell in china. you can get it by back on house. if you could get a house, they would buy it back from you and 40% higher than you pay for it now in five years. that is an interesting development in chinese properties. >> right. >> what would you make of china? i am pretty sanguine on china. this is a country with enormous reserves. we are seeing the tweaking of stimulus. reducing reserve requirements, etc. the authorities are all over it. i'm very sanguine about china. >> if there is going to be a catalyst, what it is it likely to be? >> with the exception that major central banks -- maybe the fed are behind the curve. yellen could say the figures are just noise. shut up follow that and follow me. wouldrice for the markets be a sudden change of direction on the part of the fed that rates will have to