spencer joyce, hilliard lines, greg joyce.reg, you don't hate utilities but you also don't want to overstate how safe they might be, correct? >> well, i guess you could put it two ways. one, your observation on the business model is 100% right. these companies are regulated. they don't take foreign currency -- they don't have any foreign currency exposure. they don't take commodity exposure. they build infrastructure assets and earn fixed returns. in this type of market environment it looks pretty awesome especially when the average dividend yield approaches 4%. that being said, they're trading on the high side of what i would consider fair value if you look at price to book multiples, you look at price to earnings multiples. you look at the dividend yield relative to bond yields, but they are not trading at the defensive premiums we saw when they were at their apex at the end of january last year so they look like they're on the high side of fair value. they don't look overvalued, but i wouldn't say you're getting a bargain h