The Saving of SBB

Alibaba is splitting into six different businesses so that they can focus on their core business and bring value to shareholders. The logistics unit, which handles delivery, could go public before the end of the year in Hong Kong. I don't know that we're about to see a flurry of IPOs in the near term in the US, but certainly we are seeing some spin-offs. We call it the fundraising gauntlet of a fall because they have potentially less flexibility than they did.