in the meantime, want to bring in rob arnott. on do a lot of work different factors and when and why they work. lots of people wondering, when are we going to get a sustained turn? the category that we call value is historically the catalyst for rotation that lasts? the catalyst is always something that takes the vast majority of investors by surprise. otherwise it wouldn't be a catalyst. it is something of a parlor game to try to guess catalysts. we can do that. but it is only guesses. there's a lot of possible catalysts out there. the biggest one is relative valuation. the value stocks have been savaged this year. they were 40 percentage points behind the growth stocks. just an enormous spread. you have to go back to 1831 to see a spread that wide. the growth side of the market looks an awful lot like it did in the year 2000. all the talk then was about a new paradigm, that you didn't need earnings, didn't need underlying profitability in order for growth stocks to be spectacular. all you had to do was have it taken out at a hi