Mostly, if anything, you see the opposite. Our board at VRS is second to none when it comes to capability, integrity, and quality and, if our board wants to maintain the fund's high equity position, I cannot imagine many others backing away. No one knows what the market will do. We've had such strong markets for so long and there has been such exuberance, everyone moved to very large equity positions. The bond market will do well if the stock market does badly.
Nobody gets enthusiastic to buy in a down market.
Take the Nasdaq, for example. Everyone loved it at 5,000 in February, but at 2,300 nobody wants it. If you find me one, let me know. That is the way financial markets work. You had long years of strong markets so people still want higher equity exposure.