Hawk Search Executive Recruitment

BLOG POST: What’s stopping alpha women from breaking the glass ceiling?

I don't often write opinion on this Hawk Search blog, but this morning my next door neighbour stopped by and handed me an article she'd torn out of yesterday's Daily Telegraph entitled "What’s stopping alpha women from breaking the glass ceiling?" She said, "I thought of you when I read it."

It reminded me of an UKSIF network event that I attended last year, having been invited by David Harris at FTSE. I was talking with the head of a sustainable research firm, a fund manager and David Harris, discussing the Davies' report and women in boardrooms. (I've blogged about this report before - Six months since the Davies' Report, Women on boards).

At the event, these three men suggested that the Lehman event might not have happened had there been more women at the top of these financial institutions. I shared that I had no desire to get into senior management as I was more interested in managing work so I could put my family first and have a career that supported that. They looked at me like I had just landed from a spaceship.

In his blog post, Graeme Archer writes...

It may well be that it’s not male managers who prevent women from taking the top jobs; maybe women look at the lifestyle implied, and withdraw from the race.

and continues...

The big problem with quotas, then, isn’t only this great truth: that positive discrimination remains just that, discrimination, which breeds resentment and inequity.

When it comes to my TO DO list, this is my order of priorities: mother, wife, small business owner/recruiter, community volunteer.

As a recruiter looking for the best talent for the job, I wholeheartedly agree with Graeme Archer's opinion...

If the lack of women at the top tier is down to the pool from which the applicants are drawn, then forcing companies to appoint more women from the small set willing to put up with never seeing their children would produce boards with the same essential personality as now, albeit with more ovaries. Women who want to play a hands-on role in their children’s upbringing will still be absent.

My neighbour knows me very well.

A-TEAM'S DMRAV EVENT WAS ENJOYABLE YESTERDAY

A big thank you to A-Team for their Data Management for Risk, Analytics and Valuations event yesterday. It was great to meet with A-Team's Angela Wilbraham, Virginie O'Shea, Jim Willis and Ron Wilbraham as well as many other people from buy-side firms and the vendor community.

There were a range of panels and sessions covering a new legal entity identifier (LEI), data integration, big data, valuations and much, much more!

In the valuations panel A-Team used a recent evaluations survey as a basis for a discussion with Six Telekurs' Richard Newbury, S&P's Roderik Gonggrijp and Blackrock's Huw Bishop. There was even a reference to a communist approach to pricing, albeit in jest! This panel along with Six Telekurs' session on evaluations with Ian Blance were topical and interesting for Hawk Search as we do work in this area both for evaluators as well as commercial staff.

DATA MANAGEMENT FOR RISK, ANALYTICS AND VALUATIONS: EVENT IN LONDON NEXT WEEK

A-Team’s Data Management for Risk, Analytics and Valuations (DMRAV) event takes place in London next week on Monday 17^th October 2011.

The London DMRAV event will have a strong focus on the emerging technologies now being used for risk management and analytics on an enterprise basis.

A-Team say, “While there’s no doubt that new regulatory edicts covering risk management will provide new challenges for trading firms, the prospect of a proactive approach to enterprise data brings with it significant opportunities that innovative financial institutions are beginning to realise. This translates into opportunities too for vendors of data management technologies, whether from the traditional EDM marketplace, from global IT heavyweights, or from a host of technology upstarts. We’ll be looking specifically at how those technologies are starting to impact the risk and analytics spaces.”

DMRAV London will also have a stream dedicated to valuations, featuring A-Team's own research in that space, offering insight into how the marketplace views the raft of evaluated pricing sources on offer in the marketplace.

Follow updates for the event using the #DMRAV hashtag on Twitter.

Here's the DMRAV conference program.

These are the confirmed DMRAV speakers.

UKSIF LATE SUMMER EVENT

Tonight we're going to UKSIF's Late Summer Event including the presentation of the Thomson Reuters/Extel SRI and Sustainability Awards

Here's the Agenda

5.00pm Registration

5.15pm Panel Debate: ESG – Forever Niche? A discussion on recent developments and future directions of sustainable investment research.
With the participation of:
Patrick Yves Berger, Head of ESG Equity Research, UniCredit Research
Andrew Howard, Executive Director, Global Investment, Research, Goldman Sachs GS Sustain
Valery Lucas-Leclin, Director SRI & Sustainability, Global Research, Bank of America Merrill Lynch
Mike Tyrell, Editor, SRI- CONNECT
Moderator: Gerard Wynn, Senior Environmental Correspondent, Reuters News

6.20pm UKSIF Public Policy Update
Presentation of the Thomson Reuters Extel SRI and Sustainability Awards 2011

7.00pm Drinks reception
sponsored by Thomson Reuters Datastream

8:30pm End of event

NETWORKING EVENT NEXT WEEK IN LONDON

Bringing your attention to a networking event next week in London organised by the FISD division of SIAA.

Real-time technology roundtable on June 1st, 2011

Location: JP Morgan Chase, 60 Victoria Embankment (Reception: John Carpenter St), London

SCHEDULE
4:00PM - 4:30PM Registration and Networking

4:30PM - 6:00PM Program:

Location London - Exploring the issue of where to connect to market data and taking a focussed look at the European perspective. Is Co Location a London centric activity? How does Continental Europe best join in? Are there key differences between Europe, North America and Asia Pacific or is location a more generic issue.

Moderator:
Andrew Delaney, A Team Group, , Editor in Chief, Low-Latency.com

Panelists:
Tony Walker, Bank of America Merrill Lynch, Director, European Execution Services
Robin Manicom , Equinix Head of Financial Services, Europe
Ian Jack, NYSE Euronext, Director Business Development (Infrastructure),
Varghese Thomas , Savvis, Global Head of Financial Services

Thought leadership presentations:

Stuart Grant, Sybase, EMEA Business Development Manager - Financial Services
'Datanomics: Saving Costs and Generating Revenue Through Cloud Approach to Data Analysis'

John Hammond, NTT Europe Ltd, VP Business Network Solutions
‘Location Tokyo - the impact and implications of Earthquakes and Tsunamis'

Rob Lane, Interactive Data, Markets Manager Electronic Trading
'Measuring the Health of Your Trading Infrastructure'

6:00PM - 7:30PM Reception

LINKEDIN MAKING NEWS FOR IPO, HIRING AND PARTNERSHIPS

There've been many news items about LinkedIn in the past few weeks...

A Reuters' news report this morning states that the LinkedIn IPO price range values the firm at over $3billion.

The Technorati blog feels LinkedIn's new type ad unit needs work.

Last week LinkedIn announced they had made new hires, including luring executives away from Google and Microsoft.

Over the weekend we read that LinkedIn and Fortune 500 are to create "the ultimate networking tool". (US corporations initially.)

An Ipreo press release in March this year announced an agreement with LinkedIn to provide seamless access to LinkedIn profiles from Ipreo's BigDough Suite of investor prospecting and CRM solutions.

FINANCIAL INDUSTRY EVENTS FROM A-TEAM - DATES FOR YOUR DIARY

Here is a summary of events that were announced this week by A-Team Group. Hawk Search attended an A-Team event last year sponsored by Interactive Data Corporation. It was well-moderated very well and an excellent networking opportunity.

The Business and Technology of Low Latency Trading, London, 19th April 2011.

The Business and Technology of Low Latency Trading, New York, 28th April 2011.

Data Management For Risk, Analytics & Valuations, New York, 17th May 2011.

Winning Strategies For Deploying Low-Latency Technologies, London, 26th September 2011.

Data Management For Risk, Analytics & Valuations, London, 17th October 2011.

Winning Strategies For Deploying Low-Latency Technologies, New York, 17th November 2011.

FISD LONDON REAL-TIME TECHNOLOGY ROUNDTABLE

We are looking forward to the FISD LONDON Real-Time Technology Roundtable, sponsored by Interactive Data Corporation, in two weeks.

When: Tuesday 30th November 2010

Time: 12pm (registration at 11.30pm)

Venue: The Brewery

Here's the line up...

• Interactive Data Corporation Rob Lane, Markets Manager Electronic Trading: The changing landscape of electronic trading - how does it affect market data and trading infrastructure?

• Solace Systems Dave Clare, Regional VP, EMEA & Greg Willey, Systems Engineer: Accelerated Execution - guaranteed messaging without the disks. How new hardware-based techniques allow MQ-style messaging at rates and latencies an order of magnitude faster than today.

• IBM Andrew Graham, Executive IT Architect: Innovative thinking through the understanding of network effects and application ecosystems with lessons learned from the iPhone generation.

• Sybase Stuart Grant, Financial Services Business Development
  One constant and consistent version of the truth - Improve Front, Middle and Back Office Execution by mobilising current, static and historical data to users in Real-Time.

• BT Chris Pickles, Head of Marketing - Financial Markets & Wholesale Banking: Who owns the connection? Economies of scale are generated by volume of usage. Do we see our at-work network environment achieving economies of scale? If not, will the at-work network world "flip" as fast as the at-home network world changed?

Presentation Review Panel:
Bank of America Merrill Lynch, Rupert Brown, Principal Architect, Solutions Architecture
JP Morgan, Marc Ellis, Executive Director, Trading Technology
A Team Group, Andrew Delaney, Editor in Chief, Low Latency.com

Launching the Real Time Technology Roundtable - David Anderson will briefly outline the thinking behind setting up this new FISD Forum and outline ideas and suggestion for its future direction into 2011 and beyond..

13:30 Networking reception over lunch - After the formal part of the meeting there will be networking over lunch.

14:30 - 15:00 Event close

To register for the event, click here.

EVENT: DERIVATIVES WORLD LONDON NEXT WEEK

Next week on 9th November 2010 Derivatives World London 2010 will be hosted by FOW to explore developing global derivatives markets, consider new technology and weigh the pros and cons of new products.

Key topics will include: 

• Development of new markets for high frequency and/or algorithmic trading: Providing and overview and practical advice for trading firms and funds looking to start algorithmic trading in new regions.

• Equity and index derivatives: Opportunities for investors in niche European markets and the best products to manage those investments – indices and single stock futures &options, ETFs, managed futures funds.

• Trading on market volatility: How are trading strategies changing to adapt to more volatile markets, and how can volatility products help to maximise alpha. • Product Focus: Dividend futures and options

• Market Focus: Fixed income, interest rate and credit in an unstable European debt market

• Regional Focus: Asia: new centre of the commodity markets: How can international investors capture the commodity flow from Asia?

• Innovations in CCP clearing for the OTC market: latest update on clearing initiatives for both financial and commodity derivatives products available in the market and the technologies supporting them.

• Regulation & Compliance: Trading access, restrictions and market developments in developing regions: Practical implications of trading derivatives in new and developing markets for hedge funds, proprietary trading houses and other investors.

This Bobsguide listing gives more information about the event.

EVENT: FINANCIAL INFORMATION SUMMIT 2010 NEXT WEEK

It's the 2010 Financial Information Summit 2010 next week on 21st September 2010 at the Victoria Park Plaza.

The event is hosted by Inside Market Data and Inside Reference Data and delivers expert analysis and commentary on the business, competitive and regulatory issues affecting market data, reference data and enterprise data management.

Interactive panel discussions and keynote addresses provide delegates with the latest strategies to achieve low latency, automate reference data, effectively manage vendor relationships, develop enterprise data management frameworks, and much more. Here's the list of speakers.

It's an excellent opportunity to network with hundreds of leading market and reference data executives across the USA, Europe and Asia Pacific.

Lead sponsors are MTS, Interactive Data Corporation and SIX Telekurs.

Panel sponsors include Activ Financial, Asset Control, Bloomberg, Fidelity ActionsXchange, Golden Source, Netik, S&P Valuation and Risk Strategies, Sybase, CapitalIQ, Dataflux, Eagle Investment Systems, Hatstand, Mobius and SmartCo.

THOSE VITAL KEY ACHIEVEMENTS ON YOUR CV

In the past few weeks we have written about presenting your EXECUTIVE SUMMARY and KEY RESPONSIBILITIES on your CV.

Today, we are presenting some pointers as you write your KEY ACHIEVEMENTS on your CV. Put simply, they sell the benefits of your skills and tell an employer what they'd be buying.

Here are some examples across sales, market data, client services, product and journalism:

I am currently the highest sales performer in my team and have been so for the past four years.

I have consistently over-achieved against my sales targets: 115% of 2007 target, 106% of 2008 target, 129% of 2009 target.

Achieved increased ROI and saved 25% of budget costs by re-negotiating existing contracts.

Spearheaded implementation of an inventory database resulting in improved market data cost analysis and management. This lead to reduction in market data spend of 13% in 2009.

Increased web traffic from 5,000 hits per week to 75,000 per week which led to an increase of year on year advertising revenues of 32%.

Identified and implemented new products that brought in USD60m revenues over three year period.

Delivered on product implementation ahead of budget and schedule resulting in an increase of client billing of 50%.

I scooped three leading business stories this year ahead of my competitors.

THINK "SO WHAT" AS YOU WRITE YOUR CV'S KEY RESPONSIBILITIES

Recently we gave some ideas of what to include in your Executive Summary when writing your CV.

Today we are following up on that with some thoughts on how to present your KEY RESPONSIBILITIES on your CV. In the next few days we'll tie this in with a blog post on how to present the key achievements of your career. 

There are two important elements to consider when writing your achievements. These are 1) their relevance to your next role and 2) the use of positive language.

When writing a CV it is easy to rummage in your inbox for the last version from a few years ago and add on another paragraph to describe your most recent role.

Spend time creating a document that sells you. Think about the language you use and say, "SO WHAT?" to yourself after you have written each line. As you are saying, "SO WHAT?", you are judging if each line is relevant to the role you are applying for.

Here are a couple of BEFORE and AFTER examples across two types of roles within the financial markets...

FINANCIAL MARKETS REPORTER BEFORE

FTSE 100 companies reporter for large news wire.

FINANCIAL MARKETS REPORTER AFTER

Write detailed intra-day market commentaries covering corporate and economic news across FTSE 100 companies in order to show what is moving UK stock markets. Articles are compiled by a) pro-active daily interaction with extensive network of markets within corporations and equity teams at tier one investment banks and b) active analysis of companies' balance sheets.

NEW BUSINESS SALES BEFORE

Equity Transaction Sales EMEA

NEW BUSINESS SALES AFTER

Generate revenues by bringing on board new equity market participants (investment banks' sales & trading teams across UK, Spain, France and Italy) to transact over XXX exchange. Manage the full sales cycle: generating sales leads, cold calling and running the trial process, identifying key decision makers, contract negotiation and closing sales, up-selling and cross-selling to grow revenues.

For a string of positive terms you could include in your responsibilities, here is an A-Z of synonyms.

Think about WHO, WHAT, WHERE, HOW and WHEN as you write your CV

In the next few weeks we will post 3 updates (this being the first) to give some pointers on producing CVs.

The updates will cover 1) Your Executive Summary 2) Your Career Responsibilities and 3) Your Career Achievements.

These days we send quick instant messages via Instant Messaging products, text messages, tweets. Our clients are used to reading 16 line summaries on their Bloomberg/Thomson Reuters terminals. Mail inboxes are bursting at the seams. Making a good instant impact is vital as you differentiate your candidature and grab the attention of hiring managers.

There are millions of Google results for “CV template”, “CV advice” or “CV Executive Summary” with conflicting advice and there is no right way to produce a CV.

At Hawk Search, we like a two page CV that opens with a strong EXECUTIVE SUMMARY.

An EXECUTIVE SUMMARY shows a prospective employer very quickly what they would be paying for if they hired you. This summary should instantly show:

WHAT you’ve achieved

WHAT's your market knowledge

HOW much experience you have

HOW you get results

WHO you know and at WHAT level in an organisation

WHERE you’ve worked

WHY you should get an interview

Some web sites recommend a very short summary. Here are two examples of Executive Summaries that helped Hawk Search candidates get interviews.

EXECUTIVE SUMMARY ONE

I am a Senior Business Manager with strong theoretical (BA Economics) and practical (9 years with XYZ Market Data Vendor) financial markets expertise. I have excellent knowledge of equity (data, analysis, trading and portfolio construction) and fund (analysis and portfolios) asset classes. I received successive promotions at XYZ Market Data Vendor based on over-achieving my goals. My responsibilities have spanned project management (delivered new products ahead of time and budget), sales (exceeded sales targets), business development and data research. I have an excellent network of contacts amongst both buy-side and sell-side firms across many functions such as hedge funds, asset managers, investment banks, brokers etc. My contacts range from sales and trading, equity analysts, portfolio managers, hedge fund managers, desk heads and C-level individuals. I get results by using my proven relationship management skills developed in a client facing role, my organisational abilities, my extensive financial knowledge and my ability to network. I am looking for a position within business development at an exciting and innovative company.

EXECUTIVE SUMMARY TWO

I am a multi-lingual (English, Italian, Spanish), highly self-motivated, money-driven, outgoing, determined and professional sales executive. I thrive on new challenges and developing relationships with clients and exceeding targets. I understand foreign exchange, fixed income and credit markets. I have had five years’ success selling a real-time research platform across these asset classes to investment banks and investment managers. I have a network of contacts amongst Sales & Trading, Research and Proprietary desks at these firms across decision makers, end users and purchasing managers. I have been the top European sales performer in my firm for the past four years and have consistently ranked in the top three globally. I am extremely hard working and reliable. I enjoy working to the highest of standards. I am successful because I have a genuine interest in finding out and meeting client needs. I combine tenacity and perseverance with a good sense of humour. I am looking to build on the market knowledge and contact base that I have gained over the last five years and sell larger ticket deals to increase my earnings.

MORNINGSTAR'S INVESTMENT CONFERENCE TODAY AND TOMORROW IN LONDON

Morningstar's Investment Conference held in association with the IFP is being held on 11th and 12th May 2010.

This is a cut and paste from their marketing page which gives an overview of some of the topics and speakers...

Peter Oppenheimer will look at the four stages in a market cycle and share his views on where we are now. He’ll look at possible themes for the year ahead and why he thinks they are based on more than just hope. With the resources available to him at Goldman Sachs, this is sure to be an insightful session.

Bradley Kay of Morningstar will explain the principles of ETF investing and how to maximise their benefits in the current market. He will also share his insights into the future of ETFs in Europe following 2009’s challenging environment.

Threadneedle Investments' Simon Brazier has been a UK equity market participant for a number of years; his personal interest in politics makes him well placed to share his views on the General Election and the impact the result has on our industry.

Paul Lambert of Polar Capital will share his outlook on the global economy and markets. Having spent the early part of his career at the Bank of England, Lambert is in a good position to share his thoughts on the decisions made by policymakers over the last two years and what life is like beyond the credit crisis.

Having been an investor in emerging markets for a number of years, First State Investments' Jonathan Asante is well versed in what makes a company successful in these markets and which are best avoided. In this session he’ll discuss the opportunities that he sees ahead and why he’s optimistic overall.

Other topics to be covered in both keynote sessions and panel discussions include the political landscape, the global fund investor experience, the history and economics of stock market crashes, Morningstar's qualitative methodology, and risk management.

Click here for the full conference agenda.

EUROPEAN FIXED INCOME EVALUATED PRICING - WEBINAR TOMORROW

Promoted on Bobsguide, there is a webcast tomorrow at 09:00 BST/10:00 CET where you can hear Interactive Data’s Anthony Belcher, director, European Fixed Income, and Paul Williams, manager, European Evaluations, review recent headlines in the fixed income world. They will discuss the impact of uncertainty on European sovereign debt, the wider ramifications in the credit markets and what this could mean for fixed income market participants. In addition, they will review new security types, what is driving the changes and the potential for more issuance.

TRADE TECH 2010 IN LONDON THIS WEEK

Trade Tech is taking place this week in London at The ExCel Centre today, tomorrow and Thursday.

The event is now in its 10th year.

The event includes invitation-only buy-side forums with discussions across fragmentation, market data, trade liquidity, trading tools, multi-asset trading, dark pools and smart order routers.

Click here for event details, agenda and sponsors.

OTC DERIVATIVES "YEAR IN PREVIEW" WEBINAR ON 21ST JANUARY

On Thursday this week DerivSource are running a webinar at 11am EST to discuss what lies ahead for the derivatives processing and operations space and share suggestions for how both buy- side and sell-side firms can keep up with the ever-changing environment. The panel will review both how industry developments including regulation and execution of Fed Letter goals will impact both financial institutions and the industry at large in the short and long term.

The webinar is moderated by Julia Schieffer, Founder & Editor-in-Chief, DerivSource.

Panellists include:

Joe Sack, Executive Adviser, SIFMA Asset Management Group

Cherie Graham, Senior Vice President, Brown Brothers Harriman

John Jay, Senior Analyst, Aite GroupTim McCullough, Chatham Financial

To register, here is a link with more information.

LINKEDIN LIKES AND DISLIKES - PART TWO

We wrote a few days ago about some things people in our LinkedIn network said they liked and disliked about LinkedIn. We also asked them for some of their recommended Don'ts in using the site. Here you go...

- Don't connect to me and ask for an introduction to someone else in the same message or in the same day.

- Don't install the LinkedIn Outlook add-in without being prepared to spend time managing the changes that are suggested. The information is sometimes inconsistent and out of date.

- Don't get linked in to so called LIONs that have 1000s of connections which breaks the usefulness of the degrees of separation as you end up being linked to people with whom you have no meaningful connection.

- Don't use the introduction functionality. This responder said it tries to over automate a human process. If you have a second degree contact, e-mail your first degree contact and ask for a personal introduction. The automated route has a lower probability of success.

- Don't invite or accept invitations from people you do not know as it creates all sorts of hassles.

- Don't add too many applications to your profile as it makes it look confusing.

- Don't write a reference for someone on there on the same day they write one for you.

- Don't forget that in updating your status you could be revealing sensitive information about yourself/your business.

- Don't forget your boss could be watching your activity on LinkedIn and become suspicious/see you are job hunting if your usage becomes more active or out of the ordinary.

- Don't use it as a substitute for real contacts or face-to-face conversations. or use it as some kind of game to see how many contacts you can amass.

- Don't send out group messages via LinkedIn as it shares contact e-mail addresses. At least it did when we asked our network what they thought of LinkedIn.

And finally, one person said...

- Don't tell people what books you are reading or which airports you are travelling through as it's nerdy.

LINKEDIN LIKES AND DISLIKES - PART ONE

We received 2 messages last week via LinkedIn that were out of kilter with the site’s motto that “Relationships Matter”. The first was a message from a Group Owner saying they were no longer including recruiter professionals in their group. Feeling unloved, we asked why. The non-specific reply was that it was a new group guideline. Fair enough. The person who sent that reply also sent an invitation to connect. Isn't that a bit cheeky? The second message was an invitation to connect. It said as we are in the same industry we can benefit from each other's network. We looked at the person's profile. It said for reasons of confidentiality they kept their contacts hidden. Again, cheeky and just a bit one-sided?

Those 2 messages got us thinking about what people liked and disliked about LinkedIn. So, we fired off a quick message to 35 people in our network and asked for a one sentence answer to the following 3 questions...

1) What is your favourite LinkedIn feature?

2) What is the most frustrating thing for you about LinkedIn?

3) If you were to provide one DON'T relating to usage, what would it be?

Twenty two people replied and these are the things they liked most...

a) Group discussions for networking, industry expertise, promoting events and being able to get answers for research/articles from people within and outside of your network.

b) The ability to re-connect with former colleagues.

c) Viewing contacts' connections to network and/or reference check before meetings/interviews.

d) Finding candidates.

e) The search function allowing you to find people by company/location/postcode.

f) The fact that people create their profiles.

g) The ability to confirm invitations via e-mail instead of logging into the site.

Frustrating things fell broadly in 2 groups relating to both functionality and best practice...

i) New users wrote that they could get more out of it if there were good online tutorials or better screen prompts.

ii) Contact sharing isn’t always reciprocal.

iii) Group Owners can't prevent members from moving discussions/event postings to the "Jobs" tab when they have nothing to do with jobs.

iv) Getting contacted by head hunters offering you US West Coast Software roles when, for example, you're UK based and in a different industry.

v) You can only use it if you pay as the "for free" account is useless.

vi) The inability to see if people are active users and when they last updated their profiles.

vii) The regular LinkedIn message, "We are currently upgrading the search engine. Search will be back momentarily."

viii) Job postings are expensive and quickly get lost in the mass.

ix) Some of the navigation is fiddly, for example, you cannot delete things from your inbox.

x) Weak integration with address book and communication tools like presence enabled IM. One responder said they'd like to make LinkedIn their address book on fixed and mobile, with the ability to make comments about individual people and integrate across fixed and mobile.

xi) Not being able to pull group e-mail lists any more - can only send a message through LinkedIn to groups.

xii) Keeping up-to-date with the changes to contacts and related news.

xiii) There's no blackberry application yet.

xiv) The iPhone application is not very good.

xv) Spam messages are increasing.

Later in the week we will list the LINKEDIN DON'Ts. There were rather a lot!