So I'm sort of interested in your take, and I have been to a conference a few years ago

when you were speaking.

One of the thoughts that you had was something like in your analysis, clients should be

willing to have major allocations to CTAs, 50% or whatever.

And given that CTAs do have a sort of a systematic

approach, they have all these markets, currencies, commodities, stocks, bonds, the availability to

create these portfolios in any way that they want, long and short, you know, how if they sort

of, from your point of view, how do you think they've

blown it because they really don't have a lot of AUM, even with the mutual funds that are available,

I guess recent performance is harming those to some degree. But it must be deeper than that from

an outsider, sort of semi- outsider point of view. I think so much of this relates to branding and marketing. We did an old

post on the blog unrelated to this topic, but I think it's instructive where we talked about the old

taste test between Coke and Pepsi, where in blind taste tests, almost everyone prefers Pepsi, but if you

reveal what the soda is, most people still prefer

Coke. And there's a lot of reasons for that. I'm a Coke guy. I would never drink Pepsi,

so I'm probably struck with the same bias. But it tells a lot about the way the human brain

works as well as memories and attachment and branding. And so if you think about investing in

general, I think there's some really good brands. The example I was giving was dividends. And

people love high yielding dividends stocks, for example, despite the fact they're hugely tax

inefficient, despite the fact that you should never own them really in a tax account, and they underperform a lot of other strategies,

and they're really a non-sensical strategy.

We don't have to go down that rabbit hole, but my point being,

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