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Additional a matter of bad positioning. The unfortunatelytrading outcomes were really lousy. We aren't properly positioned for thevolatility that we encountered in People guides and experienced weak trading benefits, asa result coming off of record 3rd quarter general performance. Consumer volumes werenot materially unique. Just didn't have a fantastic investing quarter.
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Yeah, I believe's honest. Naturally, all factors beingequal, what's going on Along with the stability sheet. But I imagine that I also want topoint out that we are comfy with the place the money ratios are today.
Over the quarter, we also declared an agreement in principleto establish thorough strategic alliance with CITIC Securities. Thisalliance will include things like the institution of a joint venture in Hong Kongtogether Together with the cooperation settlement to assist CITIC in the event oftheir institutional capital markets activities in China.
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Our effectiveness this quarter, and for the total year, isclearly disappointing, which isn't acceptable to us. We are absolutely committedand self-confident in our power to return the franchise to profitability in 2008.
These challenges and uncertainties could impact our company andpotentially adjust our foreseeable future effectiveness. Some illustrations include things like alterations ininterest charges, industry situations or The existing backlog of pendingtransactions.