RE:MarketRisky times indeed. I agree that there is going to be a big collapse in commercial real estate. Not as convinced about your views on FF prices. OPEC had to shake up the paper markets so as to to allow the physical realities guide the market. We are seeing demand massively outstrip supply in the second half of this year and yet rig counts are down. No doubt natural gas may languish for a few months but the reality is that with oil dropping substitution will be required. Europe shut off a good portion of petrochemical and fertilizer production to survive the winter. I don't think that is sustainable. All to say I am still bullish oil and gas despite a deep concern for many sectors of the economy. Ygr at these prices is pretty conservative given the multiples and thir high margin business.