. >> walt, you heard mohamed el arian saying he's walking away from risk. do you find as the market keeps going up on that investors are taking on more risk, or are they becoming more cautious? >> well, i think investors have moved more into the market. mutual fund inflows show that. in recent times they have moved more into the market. frankly just the market going up, of course, is an indicator, as we know, that there are more buyers than sellers. but i think that the timing is less the issue than the realization of people that being in the market for a long time is the only winning strategy. guessing the market is just so difficult. i like to say that even that broken watch is right twice a day, but that's no way to invest. when you time the market, all you end up doing is timing losses. now, professionals like mohamed or others, they might be able to make small moves -- and he even indicated, i think, in his interview that he was only walking away from risk as opposed to moving aggressively away. that's not necessarily a bad strategy for someone who fol