i want to bring in tracie mcmillion. great to talk to you. ,efore we get into volatility let me ask you about the effect here of that referendum in the u.k. on u.s. markets. what you make of how quickly that has happened? tracie: they definitely have been very quickly, more quickly than people anticipated. we anticipate most of the effect will be in the u.k. with more affect in the euro zone less of an impact here in the u.s. you are encouraging investors to have a long-term outlook, but how can we have a long-term outlook with yields continuing to climb? we are suggesting you take a look at your portfolio and your time horizon. if you have a short-term time ofizon, perhaps an element cash in your portfolio is appropriate with shorter-term bonds. if you have a more extended time , looking to buy a house in three to five years and some , some bonds and some equities in that portfolio would be a appropriate. -- would be appropriate. if you are retired and you've , your portfolio should be a bit different. there, you may wa