Tim Barrett

It's just harder.

People have added value at that level, but it's not as consistent and it's a brain drain.

You spend a lot of time doing it and you could be spending your time doing something else in the portfolio.

You're hitting on a key point of good portfolio construction.

So whether we talk about the alpha pool, they're picking stocks long and short.

So they're already picking winners and losers and doing that.

They're also picking different strategies within the multi-strats, as you said.

So that's a layer of what I call dynamic management.

I don't have to do it tactical.

They're doing it.

The other place that we do that is in the multi-strat credit guys, right?

They're being dynamic, moving money around in the credit markets.

I don't have to try to figure out, do I want to be in triple C's in high yield?

Do I need to be in double B's?

Where do I need to be?

We're not trying to figure that out.

We're outsourcing that.

And that's how we think about being dynamic in the portfolio.

And we think it's better than building a tactical overlay.

I'd rather have my guys spend their time on finding the next really good manager in a strategy that we think has a lot of opportunity than thinking about how to shift it around.