mike siegel, global head of insurance at goldman sachs is also with us.his, in terms of the value in hedge funds. there is a washout coming that has been disastrous. we talked about the fact that you cannot get too risky in an insurance portfolio. why hedge funds? mike: over the last several years, hedge funds have had very good performance, particularly on a risk-adjusted basis. hedge funds returns are not correlated with fixed income in equities, so they are a diversifying asset. absolutely accurate that over the last year and the last quarter hedge fund returns have been particularly poor and i have a suspicion that today the merger of hedge funds are not going to have a pleasant day as well. however, the way the insurance companies operate balance sheets, they like to build on thefied portfolios risk liability side and all the asset side, and hedge funds are another asset class that fit into that. -- that fits into that. when you take a look at equity valuations that, as we sit here today within 2% of the highs on the s&p and the dow jones. jon: is th

with more than $180 billion in management, mike siegel on where he is seei o