Results are coming in in line or slightly ahead, if we do see a broad economic recovery in Europe, people's estimates can still be revised up quite a bit.
There is plenty of bid activity and plenty of private equity money around. There is still a lot of scope for more acquisitions.
As soon as the market runs away a little bit, there's a little of profit taking, taking the wind out of the sails a little bit. The underlying feeling is there's plenty of money possibly coming into the market.
The market has gone up but earnings have gone up with it, so the market still hasn't been stretched on a valuation basis.