david ellison has managed f.b.r. small cap financial since its inception. and david, welcome to "n.b.r." >> hello, paul, it's good to be back. >> paul: one reason your fund is doing well is that it was mostly in cash earlier this year when the market was crashing. why were you smart enough to sit on the side line? >> well, i guess i'm maybe not smart enough, but i went through the '87, '92, '95 cycle, and i think i learned back then that once nonperformers start to tick up it was time to start pulling back. so about six, seven quarters ago when the nonperforming assets of the industry started to rise, i started to cut back my positions. >> paul: so now you've gone back in to the market? >> yes, and i think what's happened is that we've seen stabilization in some of the markets, the housing market appears to have tablized. there's been a lot of capital raised in the industry. the federal government is involved. so the industry is starting to heal itself and now it's time to start to reinvest in the industry. >> paul: you're not fully invested yet? >> oh, i've