♪ allweather, your risk at onefunding, lost 5% time. overall, allweather lost 20%.lure of risk parity? ray: on a month-to-month basis, the stock market was down, the assets were down. i think it is almost a good -- that was a lousy month for us. up until then, the longer term returns are what they are. that was a month. all i am saying, you could lose 5% in a year. like, i could look back, it is down 6% this year. i am comfortable being in that position. you look at the whole history, the stock market in 2008 was down 38%, right? warren buffett, greatest investor, his bad year was down 48%, 47%. when you have those kinds of -- to me, i feel like i'm fine. though.did not caddy, right. i want to defend the hedge fund industry. there are three people in here on the racket. the coverage in august, do we remember that we went to 50 intraday? it was wild. john paulson down. ray: let me be clear. we have our allweather fund. that is down about 6% for the year now for those reasons. i am comfortable it will be balanced. we have funds that are up materially. tom: we've got t