There is no relief in sight.

Most of the timely rains came when we needed them, although there were places that could have used more.

Honestly, philosophically, I believe in what we do. I'm in awe of what we do.

That's up to the Legislature. And we say that respectfully.

Active managers have to demonstrate that they can beat the index. Many more managers will take advantage of hedge fund techniques. That is the future.

This year it shouldn't be a dilemma. The challenge is to make that case in the Legislature.