David Viniar: In the quarter it varies. Most of our flows are still from the US although we still have some that are coming from Asia. The big area of concentration for us is growing that business outside the United States.

Meredith Whitney (Oppenheimer): What is classically offshore?

David Viniar: In Europe, someone like a UBS who has been there for several hundred years has an advantage. That would be different than some of the emerging markets where nobody is as firmly entrenched.

Meredith Whitney (Oppenheimer): How do you look at the remainder of the year and the difficult revenue environment in terms of operating leverage?

David Viniar: We are cognizant of what is going on in the world. We need to be extremely nimble. At the same time we are in this for the long term and we think it is important for us to make our strategic investments in places where we have to do that. Unfortunately I hate saying this, but the biggest lever we have in any given year is compensation. Compensation is two thirds of our expenses and year end bonuses are two thirds of our compensation. That is always tied to the firm’s performance and it is the biggest lever we have for operating leverage.