Dan Culloton: Recognizing, of course, that while you're macro aware, that you're a bottom-up stock picker, you look at the portfolio, and reflecting on what you just said, it doesn't hold a lot of cash, probably the least amount of cash that's held in recent memory. But yet the portfolio is still very selective. So it's not like you're finding a wide range of opportunities out there. It's still a very focused portfolio. You don't seem to add or subtract a lot of holdings between quarters. So is it safe to assume that, while you think valuations are OK, there not a lot of screaming bargains out there?
John Osterweis: I think, in general, valuations are OK; on a gross basis they are not compelling for the market as a whole, but selectively there are some real bargains. When we find them, we move them into the portfolio.