we are back with patrick armstrong and the portfolio manager from pimco. patrick, volatility is a double-edged sword. as we have seen from credit suisse. but the positives for our banking sector are also very clear, aren't they? in relation to revenues on trading. >> trading might enter the profit area for these banks. when you get volatility in markets, it introduces trading. that is the ideal situation for the banks. the banks are trading a tangible value in europe. we on primarily 4% and we are trading at 10 times earnings. in the u.s., 18 times earnings with a 2% dividend. good value and very good beneficiaries of what we think will probably be a steepening of the yield curves. francine: do you expect, or are you worried that the volatility we saw last week in equities and the vix will spread to the credit market? geraldine: well, i suppose he activities to be effective to affect the credit market. so far, i would say the volatility is contained to the market. there is a technical element to it. we do not feel the need to revise our forecasts. we have b