Chris: I've been looking at BTL recently and noticed a small detail that was missed in episode 114. You mentioned it has an expense ratio of 2.57%, but that figure includes interest in brokerage expenses. The amount that's being paid to the fund company, the adjusted expense ratio, is 0.45%. On the topic of aughts, have you considered long dollar funds like USDU as hedges? They have strong negative correlations with stocks and gold.