Why Didn't You Sell Everything Instead of the Hedge?

We could sell everything, and then we know, wait for the markets to go down, buy everything back. There's a lot of frictional cost associated with that. What if the stock market doesn't decline as much as we think it might? If it declines very briefly, an were not we don't have an opportunity to rebuild stakes in these great businesses we've owned. We incur a huge amount of tax liabilities cecause we have big andbetted games in the companies that we own. And i think our results, again, overtime, even over the course of next year or two, may be better than they would have been had we tried the alternative approach. I'm sure americ...