The Importance of Capitulation

John Do: It's embarrassing for me to talk about this too. But it's capitulation. And regardless of how long you do this, you can fall prey or get really close to these portfolio destroying type of events. We both have accounts that are more kind of retirement accounts or accounts that we don't watch or we just are operating a different way. So anyway, so the thing is, this pension is being managed in an asset allocation model, which is something that simply doesn't work.