 When we broaden this out then and compare to the US, is Europe bound to underperform? Because we're going to have lots of changes. We could potentially have a new president as well. I don't think Europe is bound to underperform. In fact, if you look at last year and the first half of this year, European equities have held up broadly similar to the US overall. It's true that just recently the US has outperformed again. That's partly because of the negative effect that we've been describing in France.