for example, i doubt that they would support installing vinyl windows in the rear of the julian morganbuilding. i also doubt that may have neighbors with support replacing our other windows above that are original from 1891 right above there windows with vinyl. i am aware of the standards for window replacement are for the street facing frontage. i cited it in order to illustrate the logic behind the standards. mixing window materials, and inconsistent appearance to the building faÇade, and installation of six new vinyl windows introduces a new element that will make it even worse. it is a recipe for ugly. with that, i will stop because i'm out of time. >> thank you. >> question for you. i know we are not involved in the h.o.a. disputes, but since you're h.o.a. still has the power to say they can't do this, why are you before this body? >> it is about the timeline. i think i laid it out in the brief, but we were not aware they would be replacing the windows until the end of april. hour or -- or mid april, maybe. they sent us an e-mail saying they would be replacing the windows. we had

morgan. as a group, they have gathered some $3 billion. what is the bigger obstacle to quicker adoption of investment etf's? juliane thing is education. getting out the fact that stocks and bonds in this day and age do not truly offer a diversified portfolio. you are seeing record equity valuations in the u.s. almost $14 trillion globally in negative yielding bonds. in europe, 2% junk bonds with negative yields. i think investors really need a third asset aside from stocks and bonds. i think alternatives provide that. what we are bringing to the market is the endowment-style asset allocation. if you take yale, which runs $30 billion. 55% in alternatives. 26% in hedge funds. 14% in private equity. only 4% or 5% in domestic equity. they have had strong long-term returns under the endowment model. i think that is only going to be copied more in the future not just by other endowments and institutions, but increasingly advisors and smaller institutional investors. even retail investors. scarlet: i get what you're saying about uncorrelated. one of your funds attempts to copy private equity returns through publicly trad

morgan. as a group, they have gathered some $3 billion. what is the bigger obstacle to quicker adoption of investment etf's? juliane main thing is education. getting out the fact that stocks and bonds in this day and age do not truly offer a diversified portfolio. you are seeing record equity valuations in the u.s. you are seeing almost $14 trillion globally in negative yielding bonds. in europe, 2% junk bonds with negative yields. i think investors really need a third uncorrelated asset aside from stocks and bonds. i think alternatives provide that. what we are bringing to the market is the endowment-style asset allocation. if you take yale, which runs $30 billion. they have 55% in alternatives. 26% in hedge funds. 14% in private equity. only 4% or 5% in domestic equity. they have had strong long-term returns under the endowment model. i think that is only going to be copied more in the future not just by other endowments and institutions, but increasingly advisors and smaller institutional investors. even retail investors. scarlet: i get what you're saying about uncorrelated. one of your funds attempts to copy p