The Importance of Quality in Return Investing

One thing I hear a lot about given that many people do view that were later in the cycle is that they should be emphasizing quality. So have a major drawdown right now and it's going to cost you 10 years in retirement which means your plan is dead. And so this notion and by the way these quality and everything low volatility another area that's under priced relative to other areas of the market. All of them are awfully strong across an entirety of a cycle if you just graph them out across everything. But again should you have a downturn which we're not expecting but should you get one they tend to be really strong at defending the downside.