Is This Going to Be Like the GFC?

I'm not sure if you're going to see necessarily a washing out because even from today, we are expecting further declines. I think that what we're starting to see in the US is they are understanding that actually in Europe, the situation is considerably worse. We could be living with this for more than one winter, maybe two, perhaps even longer. Despite European valuations being so cheap, this is probably not the time to increase your exposure when you have those two things hanging over you.