, ceo at hull investments. blair, pleasure to have you with us. thank you for waking up at this early hour in the u.s. i want to discuss the u.s. equity woes we've been seeing and what you expect going forward, given so much of the trade continues to be based on expectations for the central bank. we are gearing up for that announcement speech from yellen later today. so how concerned are you about a less dovish commentary from janet yellen? >> well, i find it interesting what happens with the central bank. we look at these fed meetings, there are eight a year, and every time there does tend to be -- two things i want to talk about. one is what happens right before the meeting. there is a tendency for prices to rise right before the meeting. investors do get paid for assuming risk, not knowing what the fed is going to do. so there is an anomaly that has been recognized in the academic world for some time that prices do go up just prior to the announcement. as far as i know, there's no academic work that shows there's