Our investment philosophy at Klingman & Associates is based very much on traditional long-term strategic asset allocation. We get to know our clients or potential clients deeply in terms of their investment experience, their risk tolerance, their timeframe, their need for income, their tax situation; and based on that, all of our clients are in one of our strategic models. And those strategic models again are very much based on risk and time horizon.
In addition to that, we do do on a quarterly basis, based on our capital markets outlook and our view of the markets in different asset classes, we do do what we call a tactical overlay to each of our models. So we do -- we're not market timers. We're long term investors. But we do think that certain asset classes do get overvalued or undervalued.