by having shorter duration, event oriented situations where they are much less market dependent. and by adding hedges, like what we talked about on cmb xlly constructing a portfolio that is going to be less correlated to things like duration, interest rates, overall beta, overall market exposure, etc. i watched the daily fluctuation of our pricing versus, for example, almost any market index, any type of beta, and we have really consciously dropped that dramatically. >> we have some u.k. banks that you are not happy with now. is it a profitability issue? is it a revenue issue? is it a management issue? or is it just they can't compete? >> look, the european banks generally, i think, have impaired business models because they are still 1.5 to 2 two times more leveraged in less profitable. i think over the long-term, if you want to make a bet, you could buy jpmorgan and short most of the european banks and you would be fine. my bet on the u.k. banks is a brexit play. >> can you explain why sterling went up with the chaos in the meltdown we saw yesterday? are you surprised by the advancement of the currency, given what we've seen? steve: