many, many, many of the clients'

conversations show this very clearly.

There is a certain instinct in times of disruptions that feel the same all the time.

Hold your position, wait for the picture to resolve, move decisively from strength once there is clarity.

Now, we have tested that approach against two of the probably biggest shocks of our era, the global financial crisis and the COVID years.

And what we see very clearly in the numbers and also in the conversations with our clients, the topics that we discussed, that those that move boldly in times of disruption are and I'll explain what that can be, outperform, very clearly outperform, those that wait and see, polish on the edges, and hope for the storm to go by.

So we have done research, again, for two of these shocks, global financial crisis and COVID.

Are you seeing the same kind of dynamics playing out with the European clients that you're serving?