Sean, Jess, can you two hear me? >> Loud and clear, Paul. >> Jess, I see that you are still having IT issues. Can you get that sorted out? >> Good point, good point. >> Okay, let's get into it then. Firstly, great work on the financials. You didn't go overboard with detail, but the feedback I'm getting from upstairs is that Mr. X is very happy with the work. He has come back though with some questions about the risk that he might be faced with from the investment. Specifically, he wants us to identify some key market exposures of market exposures of Target Co. >> Hold on Paul, do you mean the product markets that Target Co is involved in? >> Not exactly. Everybody knows what Target Co sells, let's call them widgets. He doesn't need us to do an analysis of the market for widgets. Instead, think about the other influences on Target Co's cash flows. Let's try to get a handle on what might drive variability of these cash flows, besides simple demand effects for the widgets themselves. Yeah, that sort of stuff, exactly. Now it's not going to be enough to just identify the general markets, we could do that without even knowing the firm. Also, he doesn't want a list of 100, instead just identify 4 significant exposures of Target Co. >> All right Paul, so we come up with a list of 4, then what? >> Then I need you to briefly describe how that exposure has arisen for Target Co. Mr. X doesn't want any unpleasant surprises if he goes ahead with the investment. So this is just an exploratory step to enable him to get his head around the firm, does that make sense? >> Yep, all good. >> This daily schedule seems to be working for me, so let's stick to that. I'll talk to you tomorrow at the same time as today. And Sean, you are looking a little tired. Perhaps slow down the social life a bit, hey? >> Yeah sure, Paul, sure. >> All right, I'll leave it to you two to discuss, see you tomorrow. >> Oh man, I am so tired. Yeah, sure, sure. All right, how about I do the research and put a package of information together for you and then you write it up? Probably about 3 AM Melbourne time, so lets say it'll be in your inbox by 1 AM, is that gonna work for you? Bye. Sure, sure, sure, bye.