i'm joined by michael cuggino, senior manager of the permanent portfolio funds. they rank in the top 1% of the morningstar category that they're in on a 5 and 10-year basis. they have more than $17 billion of assets under management. michael, one, it is great to have you here. most of the buzz here that i've been able to hear so far is the worry about going over the fiscal cliff. we're asking congress basically rise above, get it fixed, how are you basically allocating funds in anticipation of what might occur at the end of the year, and what do you think might occur at the end of the year? >> we're very diversified because we can't figure out what's going to happen right now. i think that means we need to be flexible. we've got an allocation of precious metals, equities an bond. obviously metals for the fear trade. risk of inflation. equities because in the short term we're selling off, i think in part because of negotiations, what's going on with the fiscal cliff or really a lack thereof right now. but longer term attractively priced. the u.s. economy is poised