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two alphas instead of T-bills plus two alphas. And so we are seeing much more in the way of action from our clients in the direction of being not afraid of a market drop but afraid of missing the boat.
And many of our clients say they are very uneasy about market valuations. But the behavior is one of trying to protect against another 1995, to try to avoid the risk of further opportunity costs.
What that does is leave the market reasonably healthy near term, in that if what our clients are doing is the norm, then we might expect clients to be putting their cash reserves to work to lifting hedges if they have hedges in place and thereby to be buying after a year like 1995.
What that does though, is sow the seeds of risk in the sense that if investors are fully invested, there is little room for the buying that fuels market rallies. And this is one of the reasons we are reasonably sanguine about the outlook over the next three to six months, but uneasy about the prospects for a major bear market.
So while we are sanguine on a three- to six-month basis, I would say on a longer-term basis, there are some real seeds of risk being sown.
MR. SPEIDELL: I would strike a contrast to you and say we are seeing something very encouraging. And it is that clients are often looking at the returns in the U.S. market over the last year or two or three years and saying: 'What should we do to diversify?'
So this is a sign that in fact maybe clients are starting to lead the way in doing the right thing. And we are talking to them a lot about the non-U.S. opportunities.
P&I: Thank you all.