institutional clients, still very scared by the events of 2007 and 2008. no one is taking as much as four or five years ago and investors aren't as much over their skis as they used to be. as long as you obtain a reasonable diverse portfolio and don't invest too aggressively, you can live over this. we could see that again in q 1 because we know the play book. >> let's say i want to put a little bit of money to work, cash on the sidelines, what two sectors in the u.s. market would you favor over let's say, the next two to three months. >> one, financials. financials are a real leadership group, banks and credit card companies, organizations that lend to consumers. those should continue to do better as the economy improves and interest rates stay low. the second group, which is a little more controversial is consumer stocks. we talked about how consumers have been shaken by what's happened. holiday season should now have very low expectations that consumer stocks could bring into beat. >> nick, thank you very much. thanks for being with us. >>> so we've been talking about earnings. let get more of the latest earnings. the biggest, ibm beat earning easiest mit