The Risk of Moving Money Out of Equities

The last time we saw seven stocks take up 30% of the index, we got spanked pretty hard by it. So I think there is kind of broadly money coming out of risky assets and thinking about less risky asset classes. It's not just as Steve said, it's not just the most recent hands. It's the real asset allocators. Now that happens a little more slowly, but it's really significant.