Gentlemen, You are not missing a thing. I am a reader of the column for quite some time. What would be of value to point out is the insurance industry is going to a slow train wreck similar to the banks high speed crash. While being better risk managers and better capitalized, the life and annuity companies are big buyers of corp debt. Financials in particular. Some weaker players will be hurt. Annuities have been selling guarantees supported by hedges that may not work and the counter party may not pay.