Really all I care about is the bottom-line how much money we’re making. And we’re doing very well there. So it’s really the index family. And then obviously as I’ve said we’ve pushed internationally in Asia, because I think that’s the next significant growth area in terms of prioritization. That’s not to say that there aren’t a significant number of individual names and that will vary day-by-day, week-by-week where there is activity, whether it’s earnings, whether it’s just — it’s the flavor of the month or whether it’s this or that. And we’re very capable of pouncing on those opportunities and being too sided in those names. So whether it’s a name that happens to be in the news or whether it’s a name that has earnings or whether it’s like a large cap tech company that has significant options activities in it, we’ll go with those opportunities.
And so there’s a benefit to that which is to say, when you’re not in a customer relationship with retail brokers where you have to take all the various names, you can move and route. And you can kind of say, all right I’m going to focus my energy on XYZ large cap and on the index this week, because that’s where the money is at as opposed to the overhead of technology risk and people frankly of having to be too sided in 800 names that may trade by appointment and have strikes that go a year or two out and impose significant risk on the firm. So it gives us real operational flexibility. And I’m kind of very comfortable with where we are at right now.
Michael Cyprys: Okay. Great. And just a follow-up question. I wanted to circle back on slide 7 where you show your pro forma EPS viewpoint of $3.50 to $4 a share. Just curious, what — how you’re thinking about the time frame to hit that any sort of steps you may need to take in order to get there? And then, what sort of market backdrop do you need to be in, in order to kind of get within that range and grow from there?
Joseph Molluso: Yes, Michael, it’s Joe. I mean I’d make two points. One is that, in some respects, we’ve already achieved this in that and we look at this is taking all the growth initiatives away from a 5-year look back on ITG, KCG and Virtu together and what’s kind of an average through the cycle earnings base because the feedback we’ve gotten from you all and shareholders is that, what is — what do you think it is? So we looked at the data stripped out the growth initiatives and came up with the number. And then, when you look at those two slides together, slide 6 and 7 at each level of net trading income, we generate significant buyback each year. And I think part of the — when we originally put this information together, the point we were trying to make was look we’re emerging from multiple acquisitions and long-term integrations.
And our cost base kind of fluctuating and our debt levels fluctuating. And now that we’re in a steady state, how do you look at our company over a multiyear period. I think direct answer to your question is we build most of this analysis around a 3-year timeframe. But three to five years is fair. And I think, it’s both corporate finance and it’s real growth, right? So the corporate finance is, look at that net trading income per day chart on Slide 6. And I would venture that in the next five years, we’re going to be towards the top end one or two years, towards the lower end one or two years and maybe one year in the middle. But when you look at the impact on we generate a lot of cash flow. We keep our expenses low and we’re prudent in managing capital.
So, when you put all those three things together, just the earnings impact and the reduction of the share count each year, you add up whatever percentages there on the right, you think we’re going to achieve, those numbers are over a 3-year period. So you kind of start with that as a baseline growth and then we arrange the growth initiatives from the low to the high in the history that’s on that chart, so obviously the high being this recent quarter and then on average. So I think, what we — the point here is the three points I made, right? We generate a lot of cash. We keep expenses low. We’re great at managing capital and we think we’ve got some built-in growth if you’re willing to kind of look at it on at least a 3-year time frame.
Michael Cyprys: Great. Thank you.
Douglas Cifu: I think that was the last question. So I want to just thank everybody for participating in this call and for all the great questions and we look forward to speaking with you all in July. Thank you.
Operator: This does conclude the conference call for today. We would like to thank you for your participation. You now disconnect.
