Dan Culloton: What's the biggest risk out there that investors should be aware of right now?
Gus Sauter: Well, oddly enough, I think the risk is not participating. I'll say another risk is also – bonds at some point, you know, they are going to back up, and there is certainly some risk there.
But I think a bigger risk is, a lot of investors, they figure out what the appropriate strategic asset allocation is for them and they set that and they've ridden through two bear markets in the past decade. The fear is that they get out after they've gone through a tough market.
The biggest risk would not be riding it back up again. You've lived through the tough times. We're constructive on the markets. We're reasonably optimistic, and I'd be afraid that investors don't participate, that there is a lot of hesitancy now about equities, and people are, in some cases, lightening their portfolio. So, to me, it's a bigger risk not participating in equities than the risk perhaps in the bond market and a back up in rates.
Culloton: Well, thank you very much for your time today, Gus. Thank you.
Sauter: Yeah. Thank you, Dan.