It doesn’t really matter in Spread betting if the market rises or goes down, just whether-or-not it [inaudible 17:28] that range. So, what was the first part of the — hedging, in terms of hedging, well hedging is simply if you’re long you would also take position to cover you on the short side. So you’re covered both long and short.

John: Okay. Next question’s for me from Michael. Surely the older you are the more short term you should be. You don’t live forever. Interesting point, I think it depends on a number of facts. One of course is wealth creation. As people acquire wealth they tend to get more risk averse. Also, they don’t have the burning desire to [perhaps 18:10] put in a lot of effort.

I think those are the people who shy away from short term trading in Spread Betting plus, I think when one relaxes a bit, one gets a little bit less panicky, a little less driven, I certainly feel that way, which also drives you away from the shorter-term action, I would say.

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