kathy burton is with us. it's been about 18 months for this idea, how's he doing? has a mixed report card. he has tried to make a lot of changes at the firm to improve performance. there has been some perio of good performance including this yeard but last year, they hads one of their biggest losses. it's not entirely clear yet he has figured out how to improve things there. katie: when it comes to what's going on at bridgewater, i feel this is part of a broader story when you have any industry having a hedge fund moving beyond the founders influence. it's tough to do. particularly at a place like bridgewater because it had a particular culture. ray was a very sort of dominant leader in that. i think it made it even more difficult for them to break away. katie: talk about the culture and what they are doing there. you described it as particular, unique and there are books written on the topic of bridgewater's culture. what changes have you reported that have attempted to have been made at bridgewater? >> ray had instituted a whole waiver people to grade each other,