Todd Tresidder

He did the study, and he had all the big names in there.

So I'm pretty sure Ray's was in there, but I can't say it with positive assurance.

But anyway, so...

They're all within a percentage point.

There's no magic to the asset allocation.

What the research showed is the variance in returns is due to asset allocation.

That's because 80%, 90% of your return is due to the market risk exposure you carry.

And so there's a presumption in conventional asset allocation, passive approach to investing, that you have to accept market risk at all times in order to get a market-based return.

But you don't.

Yeah.

Yes.

So how's that for not mincing words?

Yeah, I love it.

I think, I mean, I don't know why I have it.

If you look at conventional asset allocation, there's limits to growth.

Okay.

You have to understand what the source of return is to a conventional asset allocation portfolio.

You can look just to, you know, you can just look at it from a common sense standpoint.

Look at the long-term growth of any of the top managers over a prolonged period of time.

And you can see that there's mathematical limits to growth.