joining us now is david giroux, chief investment officer at t. rowe price and five time nominee and two-time winner of morning star's fund manager year of theward in the allocation category that's quite an intro, david so what are you doing now after that bold move to buy back end of february, early march >> with the market having rallied dramatically off of 2200 level, we have pulled back our equity position which went from 55% of the portfolio in january and february to 72, basically the market bottom. and equity is -- so we come off the high but don't see as much much compelling value as we did, you no he, a little bit more than a couple months ago >> is that allocation 61% or 62% pretty much a benchmark level for you? i'm trying to get a sense of whether you're more cautious than you generally intend to be because you're not seeing as much value or is there a macro call involved in that? >> no macro call it's more of a bottom look on stock selection. we don't see many opportunities as we did a couple months ago. that 61 to 62%, i would say tha