 So Cliff, when I think of your work, the very first word which comes to my mind is momentum. Could you first give us just the super short version of what is a momentum trading strategy? Sure. A momentum investing strategy is the rather insane proposition that you can buy a portfolio of what's been going up for the last 6 to 12 months, sell a portfolio of what's been going down for the last 6 to 12 months, and you beat the market. Unfortunately for sanity, that seems to be true. It seems to be true. Now you call it insane, but if you were to give us a simple example, on average, statistically speaking, not in a free lunchway, but what kinds of super normal returns might you possibly earn through a momentum trading strategy? Sure. As one example, if you were running against large cap U.S. equity, something like the Russell 1000, and you bought the one-third of stocks with the superior 6 to 12 month returns, you'd probably make 100, 125 basis points extra long term on average. If you do that in small stocks, it's more like 250 to 300. And why is it larger for small stocks? Almost anything we find in investing, almost any regularity, this tends to be this, seems to be smaller, it seems to be larger, excuse me, for small stocks. That it's not quite as good a deal as it sounds because the risk is also larger. Small caps have bigger fluctuations. People have a lot of theories, analyst coverage, Wall Street doesn't cover them as much perhaps if there's whatever degree of inefficiency is in the market is larger for small caps, but it's a nearly ubiquitous finding. Anything you find works in large caps tends to work somewhat better in small. So if you have, in terms of excess return, 100, 125 basis points compounded over 20, 30 years, obviously that's going to be a lot of money, correct? Correct. What's the catch? What's the qualification? Why doesn't everyone here run out, they don't even wait until the talk is over? And as an investment strategy, follow what you have done with momentum. What's the trick? There are a number of them. One hypothesis is I'm really not very convincing at all. Another is more people do it these days and I'll admit I think the strategy is going to survive that, but it's a concern. It is not something every investor can do. I get this question from clients sometimes and I go, are you going to do it? And they go, no. And I go, that's why. With that said, I think it is a fairly unintuitive idea. To some it's very intuitive, just by what's going up. To someone who studies markets, particularly for Gene Fama, like I did, the idea that you can beat markets and we do more than just momentum. Tyler, I promise, he's promised me he'll get to that. But it's a very unintuitive idea if you think markets are anywhere near highly efficient and I think that dissuades some. And it nowhere nearly works all the time. One thing I should really be careful about, I throw out the word works. I say this strategy works. I mean in the cowardly statistician fashion. It works two out of three years for 100 years. We get small p-values, large t-statistics. If anyone likes those kind of numbers out there. So we think we're reasonably sure the average return is positive. It has horrible streaks within that, of not working. If your car worked like this, you'd fire your mechanic. If it worked like the word, if it worked like I used that word. So I think it is harder than you might guess, even if something works long term. To have it go away, cuz a lot of investors can't live through the bad periods. They decide why it's never gonna work again at the wrong time.