Yes, I understand, Hamlin--and in those situations, the reduction in volatility is real. The problem, of course, is that it's difficult for an investor to distinguish between an actual reduction in volatility (coming from, say, a long/short strategy executed well through liquid markets) and a false reduction in volatility (coming merely from a substitution of Level 3 assets for Level 1 assets). And of course substituting Level 3 for Level 1 is the whole premise of private equity, private real estate, and many other alternative asset management strategies.