The Divergence Between Big Corporates and Small-Time Businesses

The weakness in the recession, to me, it's got to start with the corporate profit cycle. If that hockey stick recovery does not materialize, then what are corporates going to do? Andreas: The highest probability of seeing corporates have an adverse response to these cyclical dynamics is Q4 and Q1. And on a second note, what do you make of say the divergence between big corporates and say small-time businesses? Could it be that the weakness will actually really come out from smaller companies at first? Yeah, no, definitely.