. >> let's keep the conversation going for read walter todd is joining us. ceo of greenwood capital covering what is happening in the tree, and i guess starting with you and why now, let us know. >> the one thing about this morgan stanley succession plate is there should be no surprise. if anything, this has been the most orderly process in the way it has been. in 2020 one, when james gorman carried out a leadership overall, it signified where he saw the four main contenders to his role at the time. those were the two co-pros -- presidents. deep management chief and john cruzan who was then the seat 00. but since then, he has left and you are left with three contenders, but back in 2021, they told the board they would like to be in the scene for no longer than three years, and today, he goes on to his annual general meeting, within the next 12 months, they expect to have a successor in place who tells you everything you need to know and that is going to plan. it has been executing on this, and he has shown himself to be a very strategic thinker and likes to