 How do you think about global allocation from your perspective, U.S., Europe, Asia? Where are you guys these days? I don't think there is one right answer for this. I think it depends entirely on the starting position of the person who's looking to invest. I always thought personally is what's your base currency? And if your base currency is in dollars, then that's your reference currency. If it's euros, that's euros. And if it's sterling, that's sterling. And then you diversify away from that.