I would say that you know my core competence has been in cyclical sectors and what I have seen is that there are management switch tend to have hubris at the top of a cyclical sector. There are management switch don't have humility and so what we find is that such companies have done well for us. In India corporate governance also is cyclical with big bull markets many of the corporate governance standards improve when you have a big bear market corporate governance standards deteriorate. Investors must be very careful on IPOs because they don't know the temperament of the promoter they are investing in if they're investing in an existing promoter it's very easy but if they invest in the IPO of a promoter