we have the mortgage derivatives, which are uncorrelated. private placement of liquidity premium.nd we have investors interested in seeing those packages in unconstrained fixed income. >> you are conducting a survey you just alluded to. what are the main findings of that survey? >> we had three main findings. first, we found that those who invested in target date funds were confident about achieving their retirement goals. second, those participants are actually contributing more to their retirement plans. and lastly, that those participants want capital preservation at the retirement date. oya investment management has a two-target date. you didn't change or focus particularly when it came to retirement. it seems to be your bread-and-butter. are americans putting enough they areretirement? >> clearly not. it has been spoken to has a retirement crisis in america. looking at company that issue holistically and bringing all of our businesses and capabilities to bear for the asset management business and insurance business. we are trying to protect the accumulation phase and ultimate

these trust certificates, very uncorrelated to the markets. another big part of our portfolio. we are finding ideas and capacity, but the long/short managers are still not doing well. hedge funds underperform because of the long/short managers. >> you would know that i made a bold call and i said after all these years of the closet index, it's adding value versus the long/shorts and we finally come to the year where it's over. >> i wanted to come to the panel where melissa was on it. >> so one gary equals more of a distraction. ingrid, you're based in the kay min islands, are these funds domiciled in the islands and what the tax policy will be in the united states? we're seeing so much fear about rising taxes here or tax environment that's not conducive to doing business. >> people are going to structure their products wherever they think is the most efficient for them and the u.s. bonds will continue. i think the domestic market is very, very strong. they're domiciling in europe as well. they might find in addition to having high returns and lots of structuring reasons for doi

that's when particularly looking at those uncorrelated asset classes really shines, but in an up marketerri: it's not even that up, shane. this has been a market where people thought because there wouldn't be a big trajectory in the big indexes that actually getting in there and looking at the underbellies of these companies would be the way to go, but it hasn't been. what do you say to people who are paying 1-2% to their financial adviser? >> i'd say that when clients get involved with a financial adviser, they should be making that portfolio for their specific needs, not our specific needs. if they're going to earn their money, they're usually going to make it when things are really bad, not when thicks are great -- things are great like right now. gerri: well -- >> a lot of my business went straight up. >> if you were a financial adviser, i would get your money's worth insofar they're looking at your estate plan, your insurances, even if they don't sell those products, make sure they're taking a holistic look -- gerri: there's more than they can do than just recommend stocks. >> exac

it's not completely uncorrelated. >> when you look -- >> and a deleveraging consumer. >> apologize for jumping all over you on the s&p. >> i'm used to that all day long. >> i can see 2014. i think you have to have that correction back to where grasso says. we were up 30% last year. to my point to jim is also what are we also discounting at all-time highs? that's another thing. we could have very continued sluggish recovery here. look at the data we had in china, in germany -- >> but i think that's better. >> it's not fantastic though. >> i think it's better to be slow. >> you talk about balance sheets and i'm saying there's a lot of financial engineering to get the earns growth to where it is and cisco showed us we're seeing a pullback in sales growth and that's the risk to me. >> i would say, look, margins are still going up and all the people who have claimed they're going to roll over have been proven to be wrong. so i think the issue is how much more can they squeeze on that margin front. >> understood. thank you very much, adam parker. >> anytime. >> thank you. karen, you said we'