with us is michael vogelzang. good to have you back. ow the markets have a lot to digest this week but what is giving you pause? michael: well, it is a better question asked the other way --what isn't? there are a lot of challenges for investors. we see a quickly slowing economy and the second half of this year. we see a fed tightening. high oil -- high oil prices. the unknown impact of sanctions. and we have effectively someone who does not appear to be thinking at least with a western hat on to say the least in moscow. we do not know what is going to happen. the reason we become more defensive is because we think the left tail or the risky side of the world has gotten much more likely larger. while the upside is not interesting. shery: how are you turning more defensive? is that the generally accepted reducing of equity exposure and increasing the quality names? how are you doing it? michael: on our fixed income portfolios, we are getting more worried at the margin about a potential liquidity scare. liquidity is almost always by defini