. >> you at lacera are focused on being disciplined and thinking big picture and that's important for all investors right now. i wonder if you can go back to what you were saying about rebalancing and clarifying a bit. are you trying to rebalance every day, whether the market is up or down, or taking breaks in between that based on the direction of the market? just want to get some clarity that, you know, when the market is diving or buying stocks, but when it's rising in these periods of extreme volatility you're selling them? >> we have two forms of rebalancing. i appreciate the question, jon both are systemic. one is done on a daily basis with -- we identify an amount of cash we keep in reserves for liquidity purposes and for that, you know, we're by and large targeting call it lacera's $55 billion pension plan, we call that a billion dollars any cash we have over that, we rebalance daily and put that in that which is most underweight as opposed to that which is most overweight on a monthly basis we compare where our portfolio is once we close our monthly books and see which asset

>> that's a great question in that one of the things we've been discussing is lacera has a complicatedtfolio, significant allocations to assets such as real estate and private equity and over the last decade or so with the significant amount of central bank stimulus and intervention it really has afforded the 70/30 portfolio to be the winning strategy and our portfolio complication in some sense is like an insurance policy against which we haven't had to file a claim. what we'll maybe now over the last week or so, we've been filing the claims and it's working in terms of providing a speed bump on the downside long term, we believe that this environment, you know, teaches the importance of umility, tha investments in many ways is a discounting mechanism for future outcomes that are unknowable and as such, rebalancing strategic asset aallocation across different categories is the strategy >> i remember a kkr report last year that called for the end of the 60/40 portfolio because as global governments switched to fiscal policy, that would be inflationary and bonds would get hurt nobody sa

five-centimeter knife lacera below ri avicle. he wanto disfigure her. and kilr. ny succeeded, too. surprised she survived. r car found h outside a warehouse in chinatown responding to a burglar alarm. lucky for her. yeah, lucky. what else? distinct fingerprint bruising above her knees.