a railroad strike of the ,altimore and ohio railroad johns hopkins university in dalman, the great rail strike was precipitated by the railroad cutting salaries by 10%. keep in mind this was in an economic depression, so here workers were taking a salary hit at the time when they most needed the job and needed the money. east coastparalyzed rail travel for about two weeks, 17 states were affected. there were bloody clashes, 12 people died in one battle in , andmore, 20 in pittsburgh this was the first instance of using federal troops to put down a strike. broken, that way it was handled, particularly the use of federal troops, radicalized a number of people. it tended to reinforce what socialists and if you communists around were saying about capitalism. parsons went further to the left. , or at the sat in on, various radical organizations in chicago. , or at least left parties and politicians were making inroads in chicago, where getting elected to the state assembly. so he was part of what seemed to be a radical wave in chicago at the time. well, he quickly became disillusioned with w

is there any public -- are there any clients that you have or any firm that -- dalman, public plans, etcetera, that are being really smart about how they're trying to manage volatility? you think they're doing anything really sort of game changing or... >> so the -- the game changing things would be actually things that are quite simple, as in having very robust rebalancing rules and sticking to those rules, changing the governance structure so that the evaluation horizon for some of these strategies is truly a business cycle, so you can have the wherewithal to stay with them. there are some what are packaging the insurance hedging or the insurance buying program. if they do that, they know that having to write checks every quarter or every six months, becomes very painful once you have done that for several years. they're packaging that, along with strategies that generate a positive return, so the idea is to make the insurance payment offset by a positive yielding strategy. so those are -- those are some of the innovations, if you will. one final thing i would add is there is a way