stulz.you are all very impressive and it is amazing how close you came to hitting the exact five minutes. a couple of odds and ends. one i just finished early this morning reading something from the federated investors. i would like to actually put that into the record. and the chair yields himself five minutes. i would like to actually continue where you were going professor stulz. as you call it a buffer, if an account or a fund puts that offer, what has it done to its yield? >> in the swan lake proposal which is in my written testimony, we try to estimate the impact on the yield. our conclusion is that the impact would be minimal. what would happen is that the funds would be very transparent about their holdings. >> my concern was actually, i was actually going for your proposal this morning and i was trying to get some understanding particularly -- i come from having once been an institutional investor in these types of accounts and just managing lots and lots of cash, sometimes i could