shalin: a lot of things. all of the above, frankly.t about things i most like about etf's is the fact that, generally speaking, what the etf is supposed to do is pretty well laid out in the documentation. if you have a quantitative approach, like bodhi tree, we run a quantitative etf and futures fund. we try to understand what is driving the etf and trade that etf the other passive or smart product that it does best in. taylor: when we talk about the overall driver of the economy, it has been a lot about the fed, central banks globally turning dovish. how have some of the more recent dovishness affected your change in strategy from 2018 to 2019? shalin: we had a pretty good 2018 and fourth quarter, generally speaking. our models moved into the fixed income space. we used tlt to gain that exposure, like others. early in the fourth quarter. we also had selective shorts in the cyclical space. according to our work, the economy probably peaked -- the global economy probably peaked sometime in 2018. that was a good trade for us. as you know