winton capital, one of our main things is trend following. this year there's been some trends, but mostly those trends have been reversed. oil was going down, halfway through the year it starts to go up. bond yields trending down, then from the middle of the career -- from more recently they start to go up. the trends have reversed. that doesn't allow us to make profits so we've made small losses, but this is part of our investment technique and long-term expectation. >> on the bond yields going higher, are we seeing a paradigm shift here? a new normal? >> i don't know. luckily i don't have to have long-term views. when you say a new paradigm, you a are talking about a long-term thing. they adjust the positions gradually as things evolve. so we never get it too right, we never get it too wrong. we are agnostic to the long-term future. i feel the same things that everyone else feels when they read the news. gosh, there's been a change, an upswelling nationalist economic sentiment, but i don't trust those feelings for the basis of my investment