tim bitsberger with us from bnp.s this a domestic story or are e-cigarettes of french and emerging-market story? >> they are a global story. i'm estimating around a $3.5 billion industry today. the u.s. accounts for about half of that business. virtually, all of the large tobacco manufacturers including philip morris international are looking to e-cigarettes as basically the growth platform of the year. given the vast distribution of these companies and what seems to be a growing demand for safer alternative than combustible cigarettes, it seems to be translating into a good opportunity. >> you are an expert on regulation and financial markets. do you see the washington regulation of tobacco transferring abroad to other countries? >> i would doubt that. the contentious nature between financial regulation, between the whole sovereignty issues and what regulators in charge of what it what country, i would be very surprised if that were to spread international. >> and tobacco has to look abroad if the u.s. is shutting d