how does steve eisman approach european banking as an opportunity? ity in european banks. i see opportunity in u.s. banks. they were forced to clean balance sheets rapidly and bring leverage down rapidly. the europeans are taking a much slower, i think wrongly, attitude and still constrained by leverage and will be for years. tom: i have had the privilege of going to newberger bergman -- neuberger berman's lovely skyscraper. there will be a skyscraper 75 stories, what is the symbolism for new york wall street that they are going to build up to 2024. steve: it just tells you the industry is going to be more profitable. i don't put much symbolism in that. tom: there's got to be a risk out there. we were talking about hedge funds and the challenge of the of epsilon at the right side the equation. what is the risk you see if it's not leverage? steve: i don't see systemic risk these days. tom: then why are hedge funds so underperforming? steve: i think because in a zero weight world, it's not intuitively obvious how to allocate capital. in a world where ra