 Good morning. Investments into clean energy have been going down in the year 2016 by 18% versus the record investments that we had in the year 2015. The record investments were 287.5 billion US dollars. Europe had a plus of 3%, but there was a lot of pressure from populist movements. The environmentalists had some pressure from those populist movements. There was some 19% of power output increase, though, even though investments have gone down. There has been more bang for the buck because prices have been going down for solar cells and so on. Right now we are, with regards to investments into renewable energy, into clean technologies. We are 40% below those targets that have been set in Paris. China is the big driver. They have a stagnant energy demand and the companies there get less subsidies from the government. Japan is also 43% down. Japan is a traditional country which imports LNG, liquefied natural gas and they profit from the twin-link energy prices that we had in the year 2016. So they invested less into clean energy. The big exception was offshore wind. It was up by 40% to 29.9 billion US dollars. That is one sector that is actually growing, especially in the North Sea with the big British wind energy projects there. Yesterday we had the ECB minutes being published of the last meeting and they were not really speaking with one voice there. There were a lot of different opinions about how to proceed with the QE program. There were two suggestions actually, which was also the expectations of the markets. There was a time increase in the duration by 6 months and to 80 billion euros or 9 months and to 60 billion dollars. There was even a suggestion to have only 6 months and 60 billion dollars of government bond buying. Now we know of course that has been decided somehow the common ground has been found to do 9 months and 60 billion. But it was not anonymous. There were a lot of directors in the ECB actually saying that it is not really necessary inflation expectations are going up already and so we do not really need those programs to be running until the end of this year. So prepare for hawkish commons out of the ECB, prepare for spikes in the euro dollar which has denied to go to parity and with every higher inflation data point it might be that there will be more and more hawkish statements out of the ECB which tends to follow the Federal Reserve with a time delay of one to one and a half years. So they are not going to be in the position mid-year this year to talk about any further increase in qualitative easing. That's not the way it goes or at least if inflation data is going to go up from now on it is quite sure that they will taper the QA program and go into a normalization of monetary policy mode. Of course that all depends on the elections and political headwinds that we will have. It's not to be expected that next week when the ECB will meet next that there will be any changes just because of those inflation data that came out of Germany and the eurozone for the month of December which were higher than expected but it's not that just one data point changes what the ECB is actually doing. Apple is going to Hollywood. It will do its own TV shows and in an early stage even its own movies to compensate for the flagging smartphone sales. Smartphones are thought to be actually a mature market. Everybody knows what a smartphone is, how it works. There will be no major innovations coming from that so don't expect that from the new iPhone that there will be a big leap forward. George Soros the big investor lost a billion US dollars since Trump. It was very bearish but the guy was diversified and had a plus of 5% for the year 2016 even though he lost a lot of money with Trump in the rally afterwards. The guy, George Soros, sold half of its losing position in November even though he lost a billion dollars. He did not hold to those losses so that is actually our experience that those that really lose big they hold on to losing positions and even try to increase the position size to make a new entry point closer to the market which is going in the wrong direction. No, he cut the position and it was out and he was diversified so plus 5% for Soros here. At Trockenmiller his ex-colleague, he was all right with his position, sold all gold on the election night so he decided within the press he bought equities in a big way and said he is said to have made a fortune with that Trump rally.