The Total Portfolio Approach

An earlier CEO of yours David Neal had said that many institutional investors arbitrarily fill predetermined asset class buckets with too many average quality assets in the name of diversification risk management at its worst. Well I think that's candid and of course I'm going to agree with you because that's my view as well but a tougher landscape ahead. You've mentioned this total portfolio approach just talk me through how you guys have gone about it. And essentially that was the genesis, so it was a very small investment team, they didn't think that ever needed to have more than 30 people,. All the senior people were essentially in the same room making the decisions together.