The results were a bit weaker than expected, not due to its operating earnings but because the special payment was bigger than expected.

The figures are lousy, but they are no surprise overall,

But despite the limitations of trading income, this is still a massive start to the year. It is much better than I expected and across all business areas.

Last year they had a big contribution from selling company stakes. Next year they won't have that.

The full results are not a surprise. But it is a big achievement that the return of 25 percent has been reached. These are positive figures.

What is becoming clear now is that the trees will not grow to the sky.