similarities see andeen portfolio insurance some of the instruments that have become popular today.en they came into our offices to pitch portfolio insurance and it was new. it was a way for them to protect the downside which exasperated the decline because -- it is a different form. etf's have taken on that form with respectability of leverage. a statistic that says 65% of the capital is indiscriminate selling capital, meaning if the market starts going down, they could exasperate another decline. >> i realized you're not saying the decline is going to happen on such and such a date or what would precipitated. when it comes, what is going to happen? when a a lot of money has --n made in the u.s. market they will put money in fixed income. they will take money out and that will force the selling and when that happens you will see it go work in reverse. >>'s of the decline is going to be how much worse than it would've been otherwise? >> hard to predict that it will be worse and it will cause indiscriminate selling regardless of price and fundamentals. childrenith the investment comp