joining me is holly newman kroft.ersees $4 billion in assets and is consistently ranked among the financial advisers i know you manage a lot of very wealthy people's money, but our viewers want to know what you're telling them to do in this volatile environment what are these client conversations like right now >> well, they're not as much fun as they were a year ago, i can tell you that. but also volatility is not necessarily bad and it's not unexpected we've got a lot going on in the world right now, a lot going on in the markets we've been positioning our portfolios more defensively the last little while to try to protect our clients against the volatility. >> what is defensive usually you might think bonds are a good safe haven. >> it means different things in different assets classes in the fixed income sector you mentioned bonds. we're seeing very, very short duration because you can get a one-year muni bond today yielding 2%. we think a year from now it might be higher but it's certainly better than cash we als