peter: i think the likes of retailers, even the airlines, warren buffett, those kinds took the biggest hit during the downturn. about whend story everyone else is fearful, i would not be quite so positive myself about this v-shaped recovery. i think it is going to be a slower hold, and accordingly, i am going to stick with the likes of more defensive opportunities. some of the tech stocks did particular well during the downturn, primarily because they will remain in demand as the economy gets back on its feet or reaffirms slowly. tom: what do european dividends do? it is a stereotype they have a lesser dividend growth, a growth rate of the dividend, but they also pay a high yield. what does that dynamic to forward? dividends for the foreseeable future are going to be depressed. i think it is a consequence -- the earnings yields on european equities are going to remain fairly modest. and i think that equities will probably underperform vis-a-vis the united states. but also don't forget, here in europe, long-term interest rates are lower than they are in the u.s. accordingly, that is a l