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you lay out pretty clearly in the release what happened there was a slight decrease 3% decrease in earnings per share year-over-year lower operating income and higher taxes that were partially offset by what well we had 150 1 billion dollars of inflows record amount of inflows of which 87 billion dollars was institutional and 73 billion dollars was was active it was point out to six point eight trillion dollars with a tea and year-to-date assets are up 866 billion dollars why well markets are higher and especially markets are higher in the United States versus elsewhere I mean one of the key things about the quarter our average assets for the quarter were two hundred billion dollars lower because the markets wound in in May and obviously came back all the way but probably one of the more interesting points about how I want to frame everything is when ten years ago when we bought BGI about 49 percent of our business was in the US and one would have thought ten years later as the world got healthier and bigger and broader you would have thought that that percent would have shifted downward a little bit and right now it's about 66 percent us Wow so and that's just telling you how much market beta has been in the United States versus the emerging world in this in the second quarter we saw that very large because we had emerging markets were down seven percent for the quarter and yet S&P was up approximately seven percent so we had a lot of divergent beta and we saw a lot of deer iski still we're still seeing you know the one that we had twenty six billion dollars of increase in cash so we saw people de-risking still and I still believe as I said last quarter I think this is going to be a mistake people are under invested in equities and I do believe with now the changes the tone of central bank behavior and you're starting to see corporate earnings are coming in pretty well you know we still are constructive on the world we had great active flows as I said we actually had active flows and equities in the second quarter which was very unusual we actually raised 1.6 billion dollar closed in fun and equities but so you could never be a sell side analysts because you actually said something last time you were on you actually took a position right and I mentioned it earlier and I'll bet you've got some flack to because the the headline was Larry Fink predicting a melt up not a meltdown and there's so many people that are sure that this is all artificially fed induced gains and that the fundamentals don't match up with the equities for you to say that you put yourself out on a limb and really stuck your neck out like I said it's sell-side analysts would be a while you know might go up might go down stay the same you know they never say anything that's because their main thing is keeping a job but I thought you probably got some some flack for that but you were right and now you're saying it again yes which is significant even at these levels at these levels you still think there could be a melt up or at least maybe not a melt up but but trending higher markets are gonna trend higher I do believe if you wanted a you know frame where the markets gonna be for the next ten years I would be betting on the rest of the world will catch up somewhat to the US when you see these big shifts so much of the market gains have been us which for good reason we deserve it we deserve it we have better companies we deserve it also because we did more fiscal policy than other countries other countries were heavily reliant on just monetary policy right and I think that's going to be the the issue I know that you know we're all anticipating a change in in at the ECB I hope Christine Lagarde actually pushes some of the other the government's to start focusing on more fiscal policies definitely her I hope I hope it is her I think it's highly highly likely you
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