. ♪ >> robert greifeld is here. had record-setting earnings and profit.ar, the ipoext got off to a rocky start. there are other things that are going on and i'm pleased to have robert greifeld at this table for the first time. welcome. is it true that you wrote your graduate thesis on nasdaq westmark >> yes, i did. -- it was on the fact the first wave of technology was coming into the marketplace and how that was going to change the relationship and the operations of the market. i had a good time writing it. >i interviewed people for the basis but he did not see it. that was part of the qualifications for getting the job. fix what was nasdaq like in 2003? >> it was a different place and when i think back to that time, every time -- every day we were losing money. it was a situation where we had been part of the regulator, we had become for profit and moved along with the mission. we did not have the tools in place. we had to hoard cash and watch what were doing. we were a single focus u.s. equity exchange and fighting for market share. at the productd --