with us is dan chung. when we talk about individual names and you are looking at not just some of the defensive sectors, when you look at these tech names on software names, are you seeing opportunities? dan: we are seeing great opportunities in software in particular. transformation across industry, a repot forming of all businesses onto the new software platforms. cloud computing, big data analysis. all kinds of software companies are doing extremely well. joe: they are also extraordinarily expensive. that is one of the things when people look at these names and they agog at the evaluations that people are paying for these cloud-based revenues. why is it justified? dan: some of it is the business model. software service means instead of one big license for three years, and the software company has to find a new client, these subscription services mean they get a recurring quarterly annual fee from their clients which is likely to go on and give them more visibility for a long time. the second thing is th