It's Thursday, July 10th. Welcome to Mark of Flory. I'm Chris Hill joining me in studio today

for Motley Full Funds, Tim Hanson. Thanks for being here.

Hey.

Holy cow did earning season start with a bang and not the good kind of bang.

No, no, not the good kind of bang.

So we'll get to housing in a moment.

We had the Motley Full Funds shareholder meeting yesterday.

I want to talk about that, but let's start across the sea because European markets, which

we rarely discuss, were falling across the board today due to concerns about

Portugal's largest publicly traded bank. Banko Espirotocinto.

Shares were suspended.

Trading was suspended today because apparently the parent company shares were

suspended today because apparently the parent company of the bank missed some payments on some of its debt

and shares were down about 14%.

We were talking earlier today.

Your... percent. We were talking earlier today, your reaction was, why is anyone surprised by this? You know, European Banks were hardy out performers in 2013 and through the first half of 2014 and you know I

look at a lot of banks I look at a lot of things in Europe so I mean I was tasked with

going through all the European banks and seeing if we could find something

that looked interesting.

And frankly, nothing looked interesting.

It was bizarre to me that the market was treating these entities as though the problems were all solved because you know one it

didn't seem like any of them really had their hands around their non-performing

...