Mr. John Moran:

That is what it did, and that is why we turned around to our client base at the end of 2005 and said, "We cannot see that these type of returns are sustainable in the longer term. If you want to take a profit perhaps you should think of exiting now".

As I said at the outset we were proven wrong for two consecutive years because values continued to rise in 2005, 2006 and the first three quarters of 2007. I can assure the Deputy that a number of our clients were less than happy with the advice they received from us.